Greece's Attica Bank finalises deal to merge with Pancretan Bank

CrediaBank SA

18/07/2024 17:37

ATHENS, July 18 (Reuters) - Attica Bank  BOAr.AT ,
Greece's fifth largest lender, announced on Thursday that it had
finalised a deal to merge with the smaller Pancretan Bank in an
effort to clean up its balance sheet and create a new banking
organisation.
    The agreement is part of a wider re-privatisation of Greek
banks bailed out during a decade-long debt crisis. 
    It includes a capital increase of 735 million euros 
($801.89 million), to cover its capital needs and reduce its
non-performing loan exposure, Attica said in a statement.
    The state controlled bailout fund, the Hellenic Financial
Stability Fund (HFSF), currently owns 72.5% of Attica, with
Pancretan holding 5% and Thrivest Holding 4.4%.
    Attica said that after the capital increase, the HFSF's
stake in the new entity will be 35% and Thrivest's stake between
50% and 58.5%.
    Thrivest Holding is the main shareholder of Pancretan Bank.
    Attica Bank has a network of about 40 branches, assets of 
about 4 billion euros and a Non Performing Exposure ratio of 54%
on its total loan book, the highest among Greek banks.
            

($1 = 0.9166 euros)

 (Reporting by Lefteris Papadimas, Editing by Kirsten Donovan)
 ((lefteris.papadimas@thomsonreuters.com; +30 210 3376477;
Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))