A new chapter in its almost 30-year history is preparing to open the Cooperative Bank of Chania, having entered into the orbit of conversion to SA and while preparing to welcome in its share capital strategic investor. 

The reason for the Czech fund Wenger Capital Sicav which, in fact, gave the "present" through its head, Karel Hlavacek, at the recent general meeting on 14 July. As the bank's chairman, Michalis Marakakis, said during the meeting, the file for the change of legal entity will be submitted to the Bank of Greece by 15, and the relevant approval is expected by October.

However, Czech investors want to enter the Bank of Chania even before this process is completed, with a stake starting at 20%. Mr. Marakakis claims that the bank's diverse investment portfolio, which includes the real estate and renewable energy industries as well as the food and beverage industry, attracted interest in this fund. These are businesses in which the Cooperative of Chania has either a majority or minority stake and which, as is reasonable, are in fact affected by developments.

PRESS FOR DIVESTMENTS

Speaking to BnB Daily, the bank's vice president, George Androulakis, says that, in view of the conversion to SA, a first thought is to create a holding company subsidiary in which most and possibly all affiliated companies will join. Then a percentage, which will of course depend on the shares that each one has in the bank, will be given to the old shareholders 'as a 'thank you' for the support they have given the bank over the years and their contribution to its standing on its feet'. with its own resources". As he stresses, 'the Cooperative Bank of Chania did not join the HFSF or Hercules. It stayed on its feet based on its own funds. In any case, the fact, according to him, is that "there is a pressing from the Bank of Greece for
disinvestment' and this, for most subsidiaries, could be achieved through strategic investors. Besides several of them, the Cooperative Bank of Chania approached them from the outset in the form of venture capital, with the logic of modernizing them, consolidating them, and eventually selling them.