Pancreta Bank will make the first significant and fundamental step towards the creation of a strong bank in Greece with the full absorption of operations of HSBC in the country on July 28, to be followed by the completion of a merger with Central Macedonia Bank and the implementation of a merger agreement with Attica Bank.

Antonis Vartholomeos, Pancreta's CEO and the bank's managing team, in a meeting with journalists said that Pancreta will absorb HSBC's 15 units in Greece along with its operations on July 28. Following completion of the transaction, Pancreta Bank's workforce will exceed 900, while the bank will add at least 1.4 billion euros in deposits and a very strong list of clients. The transaction will also strengthen Pancreta Bank's capital as the acquisition of HSBC's assets represents net asset value of 95 million euros. The transaction will signal Pancreta Bank's entry to new markets such as corporate banking, shipping and wealth management.

Presenting the bank's vision, Vartholomeos said the bank - based in Heraclion, Crete - has developed a model of specialised advisory banking service unlike any other in the country and said the next step was to speed up the operating merger with the cooperative bank of Central Macedonia by September 30, 2023. Pancreta aims to expand its branch network to more than 50 units around Greece by the end of the year. Pancreta is also working on reducing its non-performing loans, currently at around 1.0 billion euros, reducing the NPL rate to below 4% in the next five years from 60% currently.