Creating a ‘fifth pole’ in Greek banking

On July 31, Pancreta Bank absorbed the Greek assets of global banking colossus HSBC, taking in a highly complementary business and, in effect, creating a new bank, far from its 1993 origins as a cooperative bank named Credit Development Cooperative of Heraklion.

In an interview with Kathimerini, CEO Antonis Vartholomeos explains that upcoming mergers will further expand the bank.

As of July 31, the bank's assets exceeded €3.5 billion and it employs more than 800 people in over 60 branches. This fall, it will absorb the Central Macedonia Cooperative Bank, and, in 2024, merge with Attica Bank.

After taking over HSBC's operations, Pancreta is focusing on financial consulting, but has also expanded its retail network, which now "is significantly strengthened in Attica, to serve our more than 300,000 clients, who can now use our advanced e-banking," Vartholomeos...