The way for the Lyktos Group to participate in the capital increase (AMK) of Pancreatia Bank is opened by the decision of the Capital Market Commission in favor of the removal of Michalis Sall in the 2010 Piraeus Bank capital manipulation case.

This follows from Michalis Salla’s statement yesterday after the acquittal, in which he notes that “Lyktos Partitions, as a strategic investor in Pankritia Bank, can now intensify its efforts in cooperation with its managing bank to complete the increase in Pankritia’s share capital.” In the same statement, Michalis Sallas speaks of “an institutionally sound decision that highlights the integrity of the Capital Market Commission in matters of substance.” The authorized capital will amount to 39.5 million euros, with the issue and sale by means of a public offer of 78,966,680 new, ordinary, registered, voting shares, with a par value of 0.50 euros each, paid in cash and with the right of preference in favor of its old shareholders, with a ratio of one new share for every old share and with an offer price of 1.25 euros for every new share, with the aim of raising 98.7 million euros.

The Pankritia administration is expected to submit a detailed capital investment plan to the Central Bank for approval by the end of September. As stated in the prospectus, “the capital recovery plan should include more detailed information and data than that presented on 15 July 2022, take into account comments received by the Bank of England, be consistent with the bank’s revised strategy to reduce dormant assets. and participate in broader business planning through an updated and comprehensive business plan for the group.” The business plan provides for the takeover of HSBC’s operations in Greece, as well as its merger with the Cooperative Bank of Chania.

Lyktos Investments and Holdings Holdings owns 19.95% of the bank, Alfa Ocean Developments Holdings Holdings controls 7.92%, the National Bank controls 7.17%, and the remaining 64.97% is owned by shareholders controlling less than 5%. It should be noted that the AMC for old shareholders was scheduled for mid-September, but according to information, it will need to be extended in order to provide additional data on the results of the bank’s activities in the first half of the year to the Capital Market Commission. of the year.

As of June 30, the CET1 ratio was 5.7325%, the TIER 1 ratio was 6.740%, and the total equity ratio was 8.7421%. In addition, based on the results of the EDEA-SREP 2021 annual supervisory process, the required thresholds have been revised to CET1 ratio of 5.805%, TIER 1 ratio of 7.740% and total capital ratio of 10.320%, placing all three bank ratios below them. . In addition, the bank is subject to capital requirements to maintain a capital buffer of 2.5% of weighted assets, while the bank is provided with additional equity guidance (Principal Component 2 Recommendations) of 2.25%. .

If the capital investment plan is approved by the Board of Directors, Lyktos is expected to cover its participation and, in the next phase, the AMK will open up to any unallocated shares and new shareholders.