Before the final agreement on the acquisition of 54% of the share capital Aegean Baltic Bank (ABBank) but in fact, with a record valuation for Greece – namely, about 1.1 times its book value – this is an investment scheme for the interests of a Greek billionaire metal dealer Aristotle Mistakidis. This development adds to the signs of a vibrant Greek and international investment interest in Greek banks, as the country emerged from the crisis and is striving for sustainable growth. The total investment, including the proposed capital increase, is estimated to be worth more than 150 million euros.

The process is in the process of negotiating final legal texts and, barring unforeseen circumstances, it is expected that signatures will arrive in the second half of March, with the financial close of the transaction taking place a few months after the approval of the agreement. competent authorities prior to TtE. The sellers are the G. Kusta group, which will give up all its shares (24%), the Tsakou group, which will give up 14% and retain 10%, the family of the founder and CEO T. Aftonidis, who controls 14% and will own 27 %, and Kostas Hatzipanagiotis will allocate 2%.

According to “K”, the investor will simultaneously seek to further develop the bank by expanding its loan portfolio, which currently consists of 84% of shipping financing. In this context, it is planned to proceed with the capital increase, which is estimated at between 50 and 100 million euros, depending on the balance of capital that will be formed after the completion of the agreement and the relevant shareholder agreements. Thus, the total investment of Mystakidis is estimated at more than 150 million euros.

In fiscal year 2022, ABBank recorded a net profit of 16 million euros, an increase of more than 9 million compared to 2021. The core capital adequacy ratio (CET-1) was 18.7%, while the NPL ratio is at the level of 1%. Based on these data, ABBank’s return on equity (ROE) was set at 16% in 2022, which, according to market circles, increased investment interest.

ABBank’s total assets at the end of 2022 were around 1.1 billion euros, more than 100 million more than at the end of 2021, while deposits rose from 842 million to 1 billion euros. Standard & Poor’s this week, as part of a planned credit rating upgrade, maintained the bank’s outlook as positive and a credit rating at B, noting having “experienced management with a proven ability to execute” as well as a “concentrated record in the shipping industry.”

In addition to Aristotelis Mistakidis’s interest in entering the equity capital of the bank, in the context of the relevant process that Axia Ventures “leads” on behalf of the sellers, as shown by “K”, she also expressed the scheme, led by the Mundeas family office, but also the Business Fund Onassis. However, it is assumed that Mistakidis’ scheme has a clear advantage at the current stage.