CrediaBank, the Greek bank seeking to acquire HSBC Malta, has strongly rejected what it describes as “false and malicious allegations” concerning a key shareholder, Alexandros Exarchou.
In a detailed statement issued this morning, CrediaBank – which is in the middle of a rebranding exercise, having previously been known as Attica Bank – categorically dismissed the accusations, describing them as a politically motivated attempt to undermine its takeover of HSBC Malta.
The bank stressed that while the EPPO investigation covers all past managers of the companies involved in Greece’s “contract 717” – a 2014 agreement between state rail infrastructure arm ERGOSE and private consortium TOMI-ALSTOM – no decision has been taken to refer Exarchou to trial, nor has he been convicted of any offence.
According to CrediaBank, Exarchou’s involvement in the contract was “limited to just 1.5 years of its nine-year duration, at a time when the company received no funds under the agreement.”
The bank added that judicial proceedings at this stage are not public and that its shareholder has not been charged.
CrediaBank also emphasised that the matter had already been disclosed to supervisory authorities as part of regulatory “fit and proper” checks.
“To date, no objections have been raised by either the Bank of Greece or the European Central Bank,” the lender said.
The controversy stems from claims made in Greece by the centre-left Movement for Democracy party, founded last year by former Syriza leader Stefanos Kasselakis. The party alleged that Mr Exarchou, Chairman and CEO of construction giant Aktor and a key shareholder in Thrivest Holding Ltd – CrediaBank’s majority owner – had misled the public by denying the existence of criminal proceedings against him.
Mr Kasselakis claimed that Exarchou is one of 23 individuals formally indicted by the European Public Prosecutor’s Office (EPPO) in connection with an EU-funded railway procurement contract. He said Exarchou has already appeared before an investigating magistrate and even filed a motion for recusal.
An initial response by CrediaBank, where it dismissed the allegations, was targeted by Maltese political party Momentum, which is aligned with the European Democratic Party.
Its treasurer, Carmel Asciak, noted that CrediaBank’s EU-based status and ECB oversight should serve as safeguards, but said questions remain.
“Any serious banking institution has to act in full transparency,” Mr Asciak said. “If what is revealed by the Greek Movement for Democracy is confirmed, CrediaBank may have started their Malta venture on the wrong footing. We hope that such an attitude does not persist.”
A closely watched deal
The HSBC Malta acquisition is being scrutinised as one of the most significant developments in the island’s banking sector in years. CrediaBank argues that the deal will bring real benefits to Malta’s economy, reinforcing competition, resilience and long-term growth.
“Political considerations and other motives seeking to distort facts should be kept separate from this commercial transaction,” the bank said. “Regulators will assess the deal on its own merits.”
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