Chania Cooperative Bank is steadily advancing its strategic transformation and growth plan, having appointed PwC to coordinate the advisory work on attracting a strategic investor as part of a planned share capital increase.
According to the relevant announcement, which confirms a report by Euro2day.gr, investor interest is significant, with several investment groups from Greece and abroad taking part in the process of exploring the prospects for investing in the Bank.
Under the current timetable, non-binding bids are expected by the end of November, and interested parties can contact PwC. There is no restriction on the size of their eventual stake.
PwC will then advise on the evaluation of the proposals, taking into account their financial strength, strategic approach and ability to make a meaningful contribution to the Bank’s long-term growth. The selection of the strategic investor and the terms of its participation will be determined through this process.
Strategic planning and capital strengthening
Attracting a strategic investor is a key pillar of Chania Bank’s broader transformation plan, which includes strengthening its capital, further cleaning up its balance sheet and creating the conditions for dynamic loan growth.
As part of this plan, a share capital increase is envisaged. Its final size will be determined in light of progress on parallel initiatives to realise assets and manage non-performing exposures.
Growth and financing for small and medium-sized businesses a priority
Having obtained a nationwide operating licence, Chania Bank is also planning to convert into a société anonyme, laying the groundwork for its next phase of growth.
Chania Bank Chairman Michalis Marakakis said:
“Our aim is to attract investor-partners who believe in Chania Bank’s potential and prospects. We are seeking to create a modern, strong bank with a nationwide presence, dynamic growth and a meaningful contribution to financing small and medium-sized businesses and the real economy.”
A strong foundation for the next phase
With PwC’s advisory support and its strategic initiatives under way, Chania Bank aims to create the right conditions for a strategic investor to come on board, strengthen its capital base and accelerate its business transformation.
Chania Bank remains committed to creating a modern banking institution with strong growth prospects, responsible management and ongoing support for Greek businesses.