Praxia Bank, a newcomer to Greece's previously crisis-shocked banking sector that promised to become the first fully digital credit institution in the country, over the weekend announced a reduction of its activities, replete with redundancies of staff.
Currently, the non-systemic bank employs 220 people in the country, with an announcement not listing how many will remain with the bank after Monday's expected terminations on Dec. 19.
The development comes after interest by Viva Wallet in sinking capital into the bank, via a share capital increase of 20 million euros, apparently foundered. Conversely, reports have Atlas Merchant Capital supplying a cash infusion against a future share capital increase. The strategic aim is to finance the bank's downsizing.