Atlas Merchant Capital LLC, co-founded by former Barclays PLC CEO Bob Diamond, will invest more than €100 million in Greek online-focused lender PRAXIA BANK SA, Bloomberg News reported Oct. 4, citing Praxia Bank CEO Anastasia Sakellariou.
Diamond will make the investment in a bid to build a Greek bank that could challenge struggling major Greek lenders National Bank of Greece SA, Piraeus Bank SA, Alpha Bank AE and Eurobank Ergasias SA, the news agency noted.
Praxia Bank plans to raise as much as €300 million in additional capital by 2022 and has held talks with potential investors, Sakellariou said. The lender is also looking at hiring 300 employees over the next five years and expanding to five branches from one.
Praxia Bank was created in 2017 following Atlas' acquisition of Credicom Consumer Finance Bank SA's banking license.