The process to fully restructure Chania Cooperative Bank has been set in motion by seeking one or more investors, a prerequisite for obtaining a nationwide banking licence.
The bank has appointed PwC as its financial adviser and, according to information obtained by Euro2day.gr, initial discussions have generated early interest from a double-digit number of investors.
Under the timetable, once access to the financial information is granted through the VDR, the next step will be the submission of non-binding offers.
Sources familiar with the matter told Euro2day.gr that any prospective investor or investors will not be satisfied with acquiring a small stake, as deals of this kind are based on full control of the bank.
Chania Cooperative Bank’s management has made clear that the bank needs a strategic investor and that the process must also take the interests of its former shareholders into account.
Under supervisory requirements — the bank is supervised by the Bank of Greece — the capital strengthening through the entry of a new investor must be under way by the end of 2026.
It is worth noting that Chania Cooperative Bank faces a serious problem with non-performing loans, with the ratio standing at around 45%, an issue that must be addressed within a short period under supervisory rules.