Mihalis Sallas to become strategic investor in Pancretan Cooperative Bank

Mihalis Sallas, former chairman of Piraeus Bank Group, will become a strategic investor in Pancretan Cooperative Bank, purchasing at least 15 pct of total cooperative shares. The two sides signed a memorandum of understanding on Tuesday.

“The participation of the strategic investor is expected to enhance and fortify further the bank’s capital base. Both the bank’s management and Mr. Sallas believe that this cooperation will create the possibilities for enhancing, developing and upgrading the bank’s activities, to the benefit of its existing and future partners. The participation will be made according to the regulatory framework for the operation of cooperative banks and will ensure the cooperative nature of Pancretan. The aim of the two sides is to complete this agreement by January 31, 2017,” Pancretan Bank said in an announcement.

“I know the bank from its foundation and I have followed closely its course all these years. I consider Pancretan Bank to be very closely attrached to the Cretan economy, I have confidence in its management and its executives and I believe our new effort will contribute to its further development and will expand its prospects to the benefit of partners and customers,” Mihalis Sallas said in a statement.