Pancretan Cooperative Bank

The plan for the acquisition of Praxia Bank by the Pancretan Cooperative Bank has failed. The two lenders had been locked in negotiations since mid-December, but on Friday the Crete-based bank announced that "the due diligence has been completed without the two sides coming to an agreement."

Pancretan Cooperative Bank, Greece's sixth biggest lender, on Monday announced it had submitted a non-binding buyout offer for troubled digital bank Praxia.

The negotiations between the two sides are to begin following revelations of Praxia's need for a capital injection after its sole stakeholder, Bob Diamond, decided to reduce the lender's activity.

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.