Recently, Greek shipowners and entrepreneurs Dimitris Bakos and John Kaimenakis, together with their business partner Alexandros Exarchou, completed the merger of their small and medium-sized bank, Pancreta Bank, with Greece's fifth-largest bank through their holding company, Thrivest Holding, in a rare case of shipowners giving umbrellas to banks. Shipowners give umbrellas to banks on a rainy day", in a rare move in the industry.
The merger, which is part of the reprivatisation of the Greek banking sector following the financial crisis bailout, will include a capital increase of 735 million euros ($800 million) to meet Attica Bank's capital needs and reduce its exposure to non-performing loans. HFSF), which currently holds Attica Bank, will provide about €475 million.
Attica Bank said the merger with the smaller Pancretan Bank was aimed at cleaning up its balance sheet and creating a new banking institution.Attica currently has around 40 branches and assets of around €4bn, and the ratio of non-performing loans to its total loans is 54%, the highest among Greek banks.
Prior to the merger, Pancreta Bank and its main shareholder Thrivest Holding held a 10 per cent stake in Attica Bank. Upon completion of the merger, Thrivest Holding is expected to hold a controlling stake of between 50 per cent and 58.5 per cent in the merged bank, while HFSF will hold around 35 per cent.
Dimitris Bakos and John Kaimenakis, who have their own shipowning business and control a VLCC through their shipping company Altomare, are understood to have laid the groundwork for the takeover by acquiring a minority shareholding in Attica Bank in May last year by the duo as well as business partner Alexandros Exarchou. In addition, Pancreta Bank set up a shipping division last year to focus on small and medium-sized enterprises.
The involvement of Dimitris Bakos and John Kaimenakis is a different kind of cross-border co-operation between shipowners and the banking industry. Traditionally, it is common in the industry for banks to reach out in times of shipping crises, providing financing and credit support to help shipowners through difficult times. However, this time in Greece, Dimitris Bakos and John Kaimenakis, with their strong capital and strategic vision, have turned the tables on the banking sector.
This cooperation is more than a capital combination, it is an extension of the industry chain; Pancreta Bank's shipping division, complementing the background of Dimitris Bakos and John Kaimenakis, will help to enhance the competitiveness of the merged bank in the field of shipping finance. Along with the boom in the global shipping market, small and medium-sized shipping companies have an increasing need for financing. The combination of banks and shipowners can provide these enterprises with more professional and flexible financial services, which will help the banks' own business expansion, and will also provide a new impetus for the development of shipping enterprises.
https://www.cnss.com.cn/html/shipbuilding/20240723/354165.html
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