Pancretan Bank and the Cooperative Bank of Chania on Monday announced the signing of a memorandum of understanding for the merger of the two credit institutions.
In an announcement, the two cooperative banks said the merger will be made based on each bank’s net position after completion of all necessary financial and legal audits and following approval by the banks’ general assemblies and supervisory authorities. Prior to the official completion of the merger the two banks will complete a share capital increase plan.
