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ATHENS, May 12 (Reuters) - A plan by Lyktos Participations, a special purpose investment company controlled by former Piraeus Bank chairman Michael Sallas, to acquire a stake in Greek cooperative bank Pancretan has been approved by regulators, it said on Friday.
Lyktos said the green light to invest in Pancretan and acquire a 21.49 percent stake, was granted by both the Bank of Greece and the European Central Bank's SSM supervisory arm. It did not provide further details.
"Our participation in Pancretan is proof of our confidence in the prospects of the Greek economy and the cooperative banks," Sallas said in a statement.
Lyktos said it aims to support Pancretan's management to develop the bank's activities and preserve jobs.
Pancretan has a network of 54 branches, mostly on the island of Crete, and a small presence in Athens and Thessaloniki. Small business loans account for about 85 percent of its 1.6 billion euro ($1.75 billion) loan portfolio.
The cooperative bank has a 13 market share of deposits in the island and 391 employees. ($1 = 0.9163 euros) (Reporting by George Georgiopoulos; Editing by Greg Mahlich)