Billionaire metal trader and second richest Greek according to the Forbes list, Telis Mystakidis, acquires control of the Aegean Baltic Bank. The sellers are Ioannis Koustas (24%) and three funds of George Elliott's interests (controlling 7%), while the founder and CEO of the bank, Theodoros Afthonidis, is selling 17%.

The remaining 24% remains in the company of shipping tycoon Nikos Tsakos. According to reports, the two sides have signed a term sheet that is expected to lead to the completion of the deal, and at this stage, lawyers for all parties are reviewing the final terms of the share transfer agreement.

The next steps for the relevant approval by the Bank of Greece will follow immediately thereafter. It is noted that Aegean Baltic Bank's assets are estimated at EUR 1 billion, with a broad shipping portfolio, which immediately creates the conditions for the dynamic growth of the banking institution.

ABOUT AEGEAN BALTIC BANK

Abbank ended 2023 with loans worth around €506 million, marginally lower than the EUR 519 million it had at the end of 2022. Non-performing loans remained below 1% with full provision coverage and the capital adequacy ratio at 24%. Net income in the last fiscal year increased to EUR 27.2 million, up from €17.4 million in 2022. At the end of the last financial year, the bank's assets stood at over EUR 2 billion, while customer deposits amounted to €917 million.

Abbank was founded in December 2002 and started as a specialized lender participant in the shipping sector, soon finding itself among the largest syndicated loan managers in Greece. Since then, it has expanded its activities by providing banking and investment products and services to a wider range of clients, including retail clients and medium- and large enterprises. It is supervised by the Bank of Greece as well as by the European supervisory authorities under whose jurisdiction it falls, and its head office is located in Maroussi, while it operates branches in Piraeus and Glyfada.