Pancreta Bank inks deal to acquires HSBC's operations in Greece
Pancreta Bank SA inks an in principle agreement with HSBC Continental Europe ("HSBC") to acquire the latter's operations in Greece.
The completion of the transaction is subjected to the approval of the Bank of Greece and the Competition Commission.
According to the terms of the agreement upon completion of the transaction, it is expected that all assets and liabilities, human resources and the network of 15 HSBC branches in Greece will be transferred to the Pancreta Bank SA.
It is noted that the HSBC network is totally complementary to the Pancreta Bank's presence in Athens, which in this way was enhanced.
The capital adequacy ratios of Pancreta Bank are estimated to be significantly improved after the transaction as well as further to the planned share capital increase that is expected to take place in the 2nd quarter of 2022.
Both parties estimate that the transaction is expected to be completed within the first half of 2023.