Agreement to establish fifth Greek banking pillar
Attica Bank has informed investors that it received written notification from the Hellenic Financial Stability Fund (HFSF) and Thrivest Holding Ltd regarding the signing of a binding agreement.
This agreement outlines the corporate transformation of Attica Bank through its merger with Pancreta Bank, where Pancreta will be absorbed by Attica.
The agreement also includes provisions for further investment in the share capital of the new credit institution that will be formed post-merger, contingent upon completion. The investment by the shareholders will be executed under specific terms and conditions outlined in the agreement.
It aims to support the implementation of the new bank’s business plan and to cover additional capital needs arising from the inclusion of both banks’ non-performing exposure portfolios in the Hercules III state guarantee program.
The agreement for the increased share capital of Attica Bank and its merger with Pancreta Bank will be submitted to Parliament for ratification, according to the Ministry of National Economy and Finance.
It highlighted that the solution proposed by the HFSF was deemed optimal for several reasons: It is expected to yield multiple benefits, prevent potential losses and was considered the best course of action given the circumstances.
