Pancretan Cooperative Bank Vice President Nikos Myrtakis will now lead the bank, tanking over from former president Yiannis Lebidakis.

The leadership shakeup, which will see the cooperative lead by someone other than Lebidakis for the first time since its establishment, comes after Lyktos Participations S.A.’s recent purchase of 21.5 percent of Pancretan Cooperative Bank’s shares. Lyktos Participations is an investment vehicle headed by Michalis Sallas, the honorary chairman of Piraeus Bank and one of the country’s foremost banking executives.