In January, Citi warned that Dutch retailer Action could become a serious competitor to Jumbo in southeastern Europe.
Apostolos Vakakis disputed the US bank’s assessment, arguing that the threat from the discount chain was overstated.
Ten months later, Action is taking its first official corporate step in Greece.
Earlier today, Wednesday, Action Greece Single-Member Private Company was established with initial capital of €5 million and Dutch company Action Holding B.V. as its sole member, according to GEMI.
The Greek company is based at 26 Filellinon Street in central Athens and was established by notarial deed dated 10 November.
Its capital is divided into 50,000 company units, each with a nominal value of €100, all of which are owned by Action Holding.
Action came to wider attention in the Greek market in early 2026, when it featured prominently in a Citi report on Jumbo.
The US bank had downgraded its recommendation on Jumbo shares to neutral and cut its target price by €5 to €27.
One of the factors it cited was Action’s potential expansion into markets where the group led by Apostolos Vakakis operates.
The report prompted a response from Apostolos Vakakis, who questioned the significance of this competitive threat, pointing, among other things, to differences in size and business model between the two chains.
In March, Action announced plans to enter Bulgaria in 2027, following its expansion into Romania in 2025.
Philippe Maurice Pascal Levisse was appointed manager of the Greek company for an indefinite term, until removed by its sole member.