British fund to buy majority stake in Aegean Baltic Bank
Greek lender Aegean Baltic Bank (ABBank) is about to be passed on to UK investment fund Chenavari, barring an unforeseeable event.
ABBank specializes in shipping financing, but Chenavari Financial Group’s business plan provides for the expansion of its portfolio into corporate loans and real estate, so that these fields grow into 50 percent of the Greek lender’s loans, well-informed sources tell Kathimerini.
The deal comes a few days after the acquisition of Investment Bank of Greece by the Vardinoyiannis Group (Motor Oil) and signals a rise in investment interest in small, clean entities in the sector.
The acquisition of ABBank, whose final details are set to be finalized in the coming days, will be conducted via the purchase of part of the shares controlled by founder and chief executive officer Theodoros Afthonidis, and the entire stake owned by shipowners Panagiotis Tsakos and John Coustas, who between them control 48 percent of Aegean Baltic.
Chenavari has already obtained a 4.8 percent stake in ABBank along with the Orasis Fund, owned by George Elliott and known for its Greek stock market acquisitions.