After months of negotiations, the deal for the acquisition of ABB is closed with a happy ending, as the signatures for the acquisition of the bank by Telis Mystakidis are signed.

The former Glencore top executive and second richest Greek on the recent Forbes list, Telis Mystakidis, will own about 48% of the bank’s shares, but will control 68%, meaning he will have full control of the bank.

According to reports, late last night the last legal details were finalised.

The acquisition of Aegean Baltic Bank shows the strong investor interest in the banking sector and the expectations created by the dynamic development of the Greek economy.

According to the figures for the nine months to 2023, the bank’s assets reach EUR 1.15 billion, customer deposits EUR 1 billion and loans EUR 505 million, of which 79% are shipping loans.

The non-performing loan ratio stood at 1.7% with 91.3% provisioning coverage. In the first nine months, net profit after tax amounted to EUR 21.5 million.

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It should be noted that Aegean Baltic Bank, although a relatively small bank, has had a significant footprint in the market since December 2002; especially in the strategic shipping sector.

Mystakidis’ decision to enter the bank dynamically shows two things. That he trusts both; the effectiveness of the management team of Theo Afthonidis, Vice President and CEO of the bank, but also one of the main founders, and the bank’s overall prospects, but also in a broader context of the Greek economy.