By A. Tsimplakis
UK-based credit fund Chenavari is apparently ready to enter the Greek market, amid its ongoing negotiations to acquire a majority stake in Aegean Baltic Bank, which specializes in shipping sector credit.
According to reports, the fund has finalized an agreement, in principle, with the shareholders of the non-systemic Greek bank, which include well-known shipowners Panagiotis Tsakos and Yannis Koustas. The pair of Greek shipowners, in fact, control 48 percent of Aegean Baltic Bank’s shares.
Bank founder and major shareholder Theodoros Afthonidis is also involved in the prospective agreement.
According to reports, in tandem with a planned share capital increase in a second phase, the London-based fund’s stake in the bank will exceed 85 percent.
Nevertheless, the same reports said a conclusion of the deal will not come immediately, but at some point in 2019.
Sources who spoke to “N” said Chenavari’s goal is to enter the Greek market and finance tourism-related investments and real estate development. The same reports said the fund foresees, over a five-year period, to balance Aegean Baltic’s portfolio, which is currently dominated by shipping loans (98 percent), into equal portions of shipping and corporate lending.
