Greek bank Pancretan cleared for $104 million rights issue

　　div classBodysc17zpet90 cdBBJodivpATHENS Reuters – Greek lender Pancretan Bank received shareholder approval on Thursday for a 98.7 million euro 104.27 million oneforone rights issue and a name change to Candia Bank after its merger with small cooperative lender Chania Bank.

　　Pancretan, which has a network of 54 branches mostly in Crete plus a small presence in Athens and Thessaloniki, will issue 78.96 million new common registered shares at 1.25 euros each.pdivdivdiv classBodysc17zpet90 cdBBJodiv

　　Before the rights issue the bank will proceed to a 10for1 share split, reducing the par value of its shares to 0.50 euros from 5 euros.

　　1 0.9466 euros

　　Reporting by George Georgiopoulos Editing by David Goodmanp

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