Cooperative Bank of Hania becomes a societe anonyme

The Cooperative Bank of Hania general assembly has approved the start of turning the bank into a societe anonyme (SA), the bank said in a statement on Sunday.

According to the statement, the process of transition requires approvals and supervision of the needed procedures by the relevant overseeing and supervisory authorities.

The bank also expects to be working with law consultants specializing in business transitions.  

Board President Michael Marakakis said that Sunday’s decision was by an overwhelming majority and constituted “a landmark” one.

“This development opens the way to the bank’s acquiring a leading role not just on Crete, but at a national level as well. It is a modern credit institution that will continue to support mostly small and medium-sized enterprises and will contribute significantly to the prosperity and development of society and the economy,” he highlighted.

The regular general assembly meeting was held at the bank’s headquarters in Hania, western Crete and also approved the balance sheets and results of 2022, the increase in the cooperative’s capital up to 7.5 million euros by issuing new individual shares.

The value of those shares will be set by the board and will be in the form of simple nominal bonds of subordinated debt up to €15 million.