February 6, 2023

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Two deals in the banks presented as facts … and broken – JP Morgan with Viva Wallet and Pancreatia with Chania

For some its total value FIFA wallet It does not exceed 700 million euros, so the 48.1% sold is not worth more than 350 million and certainly not worth 800 million euros …

In the previous two deals it was presented as data in the banking industry…
We’re referring to her deal JP Morgan Payments subsidiary of major US investment bank JP Morgan with Viva Wallet Which Merger of Bankritia Bank with Chania Cooperative …
Based on the latest information, the JP Morgan’s deal with Viva Wallet collapsed Not only because of the price but also because of other inappropriate data… Viva Wallet as detailed by Bankingnews is an exaggerated project whose total value of 1.6 to 1.8 billion does not reflect reality…
For some its total value FIFA wallet It does not exceed 700 million euros, so the 48.1% sold is not worth more than 350 million and certainly not worth 800 million euros …
about the Pancreas merger with Chania Cooperative Society The prevailing view seems to be to cancel the deal with Chania and Pancreas. To focus solely on absorbing HSBC offering close to 100m share capital due to negative goodwill…

Viva Wallet’s deal with JP Morgan Payments is falling apart due to the price, and the collection is extremely overvalued…

November 30, 2022 has been set as the deadline to determine whether the deal between major US investment bank subsidiary JP Morgan Payments to acquire a 48.51% stake in Viva Wallet for approximately €800 million will go ahead.
However, we have come to know that after legal and financial oversight… there has been price interference…
Banking news has been mentioned several times about the involvement of Viva Wallet in the deal with JP Morgan …

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During the second six months of 2021, a financial due diligence audit was conducted by JP Morgan on Viva Wallet, an active collection in payment systems and showing losses…
While the financial audit was completed in late 2021 early in 2022, on January 24, 2022, an agreement was signed for JP Morgan, the major US investment bank – through JP Morgan Payments – to purchase 48.51% of minority shareholders including Group Latsis which owns approximately 13% of DECA investments of businessman Daskalopoulos …
The minority shareholders wanted to sell as soon as they did not receive the dividend due to the losses in Viva Wallet…
Depending on the agreement signed by November 30, 2022, either a final agreement will be reached or the deal between JP Morgan and Viva Wallet will be canceled with a base scenario of the deal being canceled…
Based on strong indications…the deal is probably heading towards collapse perhaps because the Karonis side that owns 51.49% of Viva Wallet and has not sold it…has hurdles to selling minority shareholders at another time for better returns…
Despite all this, Viva Wallet, while presenting itself as being present in 24 countries and having 240,000 customers, having made 7.4 billion transactions, has 82 million revenues and the end result is losses…
This company was valued at 840 million euros while it has 53 million or more correctly 36.5 million…
The price-to-book ratio is 23 times and we only rate the percent sold at 48.51%…
Viva Wallet also owns a bank in Greece, Viva Bank, and the former Praxia Bank with a capital of 18 million shares but 12 million legal cases pending from the past…

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What’s up with JP Morgan?

JP Morgan has been consistent in its contractual obligations, even purchasing a bond loan that Viva Wallet entered into…
However, months have passed and there is no agreement and so we are approaching the predetermined date of November 30, 2022 and there is still no agreement…
JP Morgan and Viva Wallet declined to comment…but the bank news info is as follows

1) Harris Karonis seems to have other visions and goals, in general they don’t seem close to JP Morgan.
Note that Viva Wallet has a paid-up capital of 1.27 million, and shows losses…but it equals approximately 1.6-1.8 billion shares of total equity…
We really wonder how these valuations come out… In our opinion the company can’t be worth more than 700 million in total and we’re saying a lot…

2) Viva Wallet is a new bank but it means a lot and it means nothing.
It’s a payment system that we think is highly overrated.
The purpose is what is the profit for the shareholders… And the dividend shareholders did not wait for the minority shareholders to sell DECA from Daskalopoulos and Latsis to get the capital they invested and the goodwill…

3) Neither Viva Wallet nor Viva Bank have proven in our view to be able to make a profit.
Many will assume, how did JP Morgan pay such a high price if Viva Wallet had no value?
JP Morgan gave a high price as conditions were different during the call period, and now Viva Wallet is not worth what it gave… what it deserves…
How to evaluate the payment system seems to have many subjective methods… A group with limited capital and losses that we believe cannot be evaluated at these levels…
Of course, supply and demand determine valuations but using traditional valuation methods… We think Viva Wallet is overrated a valuation bubble…

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The deal between Pankritia and Chania falls apart

The assumptions of 2021 with which the exchange relationship between Pancreas and the Chania Cooperative was carried out have changed dramatically since the Pancreas was boosted with 98.7 million funds… So either the terms will change or the deal will fall apart…
It seems that even Chania is not willing to change the terms of the agreement with the pancreas, so it seems that the deal will be canceled and each bank will follow an independent path …
In the meantime, Chania will have to beef up her finances, a development he looks set to kick off.
Pancreas will focus on accommodating HSBC which will be completed by March 2023…
The new Bankrita scheme with 2.7 billion assets and 175 to 180 million funds with HSBC 1.78 billion in assets and 1.68 billion in deposits will create a new €4.5 billion bank with a target sometime in 2024 for new shareholders of Thrivest Holding to list. On the Greek stock exchange…
After the planned departure of Michalis Salla, 44% of Pancretian Bank will be owned by Thrivest Holding in Baku, Kaumenakis and Exarchos …

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