Sallas enters Pancretan's share capital

Pancretan Cooperative Bank announced on Tuesday that former Piraeus Bank president and founder Michalis Sallas is entering the share capital of the Iraklio-based lender with the purchase of a 15 percent stake.

The two sides have signed a memorandum of understanding whereby Sallas expressed his desire to acquire at least 15 percent of Pancretan's shares as a strategic investor via a share capital increase. His entry will take place according to the legal framework for cooperative banks and will safeguard the cooperative character of the Cretan lender.

"Both the bank's management and Mr Sallas believe that this cooperation creates the groundwork for the strengthening, development and upgrading of the lender's activities to the benefit of the existing and future partners," the Pancretan statement read. "I have known the bank since its foundation and followed it closely......