The financial closing of the transaction in which billionaire investor Aristotelis Mystakidis acquires control of Greek bank Aegean Baltic Bank was completed on Thursday.

The sellers are a group of shipowner Ioannis Koustas' interests and minority shareholders. The transaction valued the bank at 1.1 times its book value.

The family of founder and CEO Theo Afthonidis remains in Aegean Baltic's share capital with a 27.5% stake. The shipowner, Nicolas Tsakos, also remains a shareholder, with a smaller share.

At the same time, as part of the shareholders' agreement, the family of the Th. Afthonidis family retains the management while Tasos Afthonidis becomes Deputy Managing Director.