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The Bank

Important timelines

The foundation and the first years

The beginning

With the initiative of the Chamber of Heraklion and other social organizations of the city, 512 Heraklion citizens, sign the statute for the establishment of the Cooperative Bank with the name "Credit Development Cooperative of Heraklion".

The first branch

After the granting of the license of the Cooperative as a Bank by the State Board of Trade (PDTE 2306/19-5-94), the "Credit Development Cooperative of Heraklion" is renamed the "Cooperative Bank of Heraklion". In October of the same year, the 1st branch opens in Heraklion.

The extension

The Bank is expanding in the Prefecture of Lasithi.

Following a relevant decision of the Bank of Greece (ΕΝΤΥ 557/16-5-95) a license is granted to operate as a regional bank under the name Pankritia Cooperative Bank.

Panellenic operation

The Bank receives a license from the Greek Chamber of Commerce (ENPTH 610/27-03-98) for nationwide operation.

Development in the rest of Greece

First branch out of Crete

The first branch outside of Crete, in the center of Athens, begins its operation, marking a new era

Certification for the implementation of the Quality Management System


The Bank is certified for the Quality Management System it implements in accordance with the ELOT EN ISO9001:2000 standard.

It is the first bank nationwide to be certified for the implementation of a Quality Management System (QMS) in all its operations, through which it provides security, transparency, speed and flexibility in serving its customers.


The relocation of the Administration offices and the Central Store to a new privately owned building on L. Ikarou, near the shopping network of the city of Heraklion, is completed.

Network extension

A significant development of the Network is taking place, where it now has 54 stores/boxes from 35 at the beginning of 2004.

Of these, 47 are in Crete, 4 in Attica, 2 in Thessaloniki and 1 new one in Milos.

Pancreta bond issue

The Bank issues the Pancreta Bond, a 10-year investment product that contributes to the significant strengthening of its long-term funds. The target of €30 million was exceeded within the two months that the product was available

Increase in Cooperative Capital

The increase of cooperative capital by approximately €55 million is successfully completed.

Development steps

North Greece

The Bank is expanding in Northern Greece with the opening of two new branches in Thessaloniki


As part of the cooperation with the EIB, the Jessica program is activated, which concerns the management of funds from the Urban Development Fund of Crete intended for projects that will be carried out in cooperation with the Municipalities of the Region of Crete, as well as private investors.

Participation in National Funds


The submission of the Bank's file for cooperation with the National Entrepreneurship & Development Fund (ETEAN SA) in order to provide guaranteed loans from the guarantee fund of the Entrepreneurship Fund (TEPIX) is approved.


Contracts are signed for joining in collaboration with ETEAN SA, in three programs: a) Business Restart, b) Island Tourism Entrepreneurship, and c) Guarantee Fund with the aim of facilitating small and medium enterprises in financing for the implementation of their business plans and coverage of their operating costs.


Co-operation with Attica Bank

The cooperation with Attica Bank begins for the formation of a common, expanded network of cash withdrawals (ATMs) with more than 150 service points throughout the country, from where customers carry out cost-free transactions, as well as clearing services for card transactions in commercial businesses.

New Era for Pancreta Bank

Strategic Investor

Lyktos Participations participates as a strategic investor in the Bank's cooperative capital with a percentage of 21.45%, marking the beginning of a new dynamic era for the Bank.

New corporate identity

The new corporate identity is presented, giving the Bank a modern image, preserving elements of its historical path and locality.


The international Credit Rating House "Moody's" assigns for the first time a credit rating to the Bank, Caa2 with stable outlook (Stable Outlook), placing Pancreta Bank equally  among the four Greek systemic banks.

New branch at Rhodes island

The operation of the bank in the Prefecture of Dodecanese is expanded with the opening of the Rhodes branch.

Conversion of the Bank's Legal Status
  • In June, the General Assembly decides to change the legal status of Pancreta Bank from a Cooperative Bank to a S.A. Company, starting a process of complete transformation and development.
  • The bank's network in Attica is expanding, with the opening of the new branch in Ag. Paraskevi, as well as in the heart of the commercial center of the city of Heraklion, on 25th August Street, with implementation of a modern architectural and operational model, based on the "customer's journey".
Innovative steps

An agreement is signed with Qquant Master Servicer (Quant) for the management of a portfolio of Non-Serviced Exposures, amounting to €670 million (Project Kastor).

The provision of Factoring services to Βusiness Customers begins, with the aim of providing liquidity for the expansion of their activities.

Implementing a Growth Plan
  • The business contract is signed with the Ministry of Finance for the Bank's participation in the National Recovery & Resilience Plan "Greece 2.0", through which it acquires a key role in the renewal of the country's production model and in the financing of business investment plans.
  • The Share Capital Increase of 100 million euros,the largest in the Bank's history, is approved by the General Assembly.
  • An agreement in principle is signed with HSBC Continental Europe (“HSBC”) for the acquisition of the operations of the Greek branch of HSBC.
  • The Capital Increase is fully covered and the share composition is reformed with the entry into the share structure of the company "THRIVEST HOLDING LTD", consisting of businessmen Mr Dimitrios Bakos, Ioannis Kaimenakis and Alexandros Exarchou, with a percentage of 32.38%.
  • Two new branches are inaugurated, in Patras and Chios, as part of the implementation of the Bank's business plan for the development of its operations in dynamic markets beyond the borders of Crete.
Stepping ahead
  • The merger agreement with the Cooperative Bank of Central Macedonia by absorption is announced.
  • The Women Empowerment Principles of the United Nations are signed, marking the Bank's decision to adopt modern initiatives to strengthen meritocracy and equality at work.
  • Participation of the Bank in the Youth Housing Program "My Home" of the Hellenic Development Bank for granting low-interest or interest-free housing loans to young people for the purchase of their first home.
  • The Board of Directors approves the Participation in the Share Capital Increase of Attica Bank with an amount of 34 million Euros.
  • A new Maritime Banking Division is being created, with the aim of providing integrated products and services to maritime shipping companies.
  • The operation of the Bank in the broader area of Peloponnese is expanded with the opening of a new branch in Kalamata, Messinia. 
  • Pancreta Bank has successfully absorbed the operations of HSBC Greece, formulating a new banking organization, with consolidated assets that exceed €3.5 bil., 62 service points throughout Greece and a client base of more than 300k clients.
  • The provision of Wealth Management services, branded as COBALT Personal Banking, is launched. Customers are now able to enjoy privileges and personalized investment services through a wide network of investment advisors in selected branches of the bank.
  • The legal merge with the Cooperative Bank of Central Macedonia is finalized and all its activities, including its branches’ network, deposits and loan products, are transferred to Pancreta Bank.
New Development Perspectives
  • Pancreta Factors S.A., as a wholly-owned subsidiary of Pancreta Bank, starts its operation, providing an expanded range of factoring products and services, including International Factoring.

  • A new branch starts its operation in Tripoli, strengthening the bank's footprint in Peloponnese.