CrediaBank, the Greek bank poised to take over HSBC Malta, has moved to defend itself from what it described as “malicious attempts” to undermine its takeover bid.
In a statement, CrediaBank said it was made aware of various “unfounded claims” about bank shareholders and its governance standards.
Those claims, understood to have been published on Greek media, have linked one of CrediaBank’s shareholders to a major railway procurement scandal in Greece and raised questions about the implications of his marriage to CrediaBank’s CEO.
“We unequivocally reject these insinuations and reaffirm our commitment to the highest levels of transparency, governance, and regulatory compliance,” CrediaBank said. “The Bank’s shareholders, Board structure, and governance mechanisms have all been formally assessed and approved by the Supervisory Authorities.”
CrediaBank is on track to acquire a majority stake in HSBC Malta after the Maltese bank’s parent company announced last week that it has selected the Greek bank as its preferred bidder. Negotiations between the two are expected to last months.
Both Malta and Greece’s finance ministers welcomed that development.
CrediaBank rebranded earlier this month from its previous name Attica Bank, having changed hands in 2022. It is the country’s fifth-largest bank and is majority owned by Thrivest Holding Ltd, which is controlled by shipping magnates Dimitris Bakos, Yiannis Kaimenakis, and Alexandros Exarchou.
Exarchou is married to the bank’s CEO, Eleni Vrettou.
Alexandros Exarchou. Photo: YouTubeIn a statement, the bank noted that “this fact has been publicly known for almost two years and the Supervisory Authorities concluded that the Bank’s policies and controls are adequate to manage any potential conflicts of interest in line with regulatory expectations.”
CrediaBank also dismissed suggestions that Exarchou is being probed by prosecutors in Athens over his role in an EU-funded railway contract between ERGOSE, the construction arm of Greek state-run railway company OSE, and private consortium TOMI–ALSTOM.
That 2014 deal is being probed by the European Public Prosecutor’s Office, which has charged dozens with fraud and other offences. The investigation is part of a broader probe into railway safety in Greece, after two trains collided in 2023, killing 57.
In its statement, CrediaBank said Exarchou’s involvement in the contract “was limited to a brief period in which his company neither received funds nor continued involvement in the project.”
Exarchou has not been charged with any offence.
“All relevant facts regarding this matter have been disclosed to the Bank of Greece and the European Central Bank during multiple “fit and proper” assessments. Thrivest Holding Ltd. successfully completed such an assessment in October 2023 as a qualified investor in the Greek banking sector,” the bank said.
It noted that it operates under Greek and European Central Bank supervision and emphasized that its governance structure has been given the regulatory green light.
“The Bank’s shareholders, Board structure, and governance mechanisms have all been formally assessed and approved by the Supervisory Authorities. Our Board of Directors comprises 13 members, of whom 11 are non-executive and six are independent.
“Committees are chaired by independent directors with an independent majority, ensuring effective oversight. The Board is chaired by Konstantinos Herodotou, former Governor of the Central Bank of Cyprus and member of the ECB Governing Council,” it said.