Greece's Attica Bank shareholders approve merger with Pancretan Bank

CrediaBank SA

03/09/2024 17:19

ATHENS, Sept 3 (Reuters) - Attica Bank  BOAr.AT 
shareholders approved on Tuesday the bank's deal to merge with
the smaller Pancretan Bank in an effort to clean up its balance
sheet and create a new banking organisation, the bank said in a
bourse filling.
    The agreement is part of a wider re-privatisation of Greek
banks bailed out during a decade-long debt crisis.
    The deal includes a capital increase of 735 million euros
($801.89 million), to cover the capital needs of the new bank
and reduce its non-performing loan exposure to 3% of its total
loan portfolio, said Eleni Vrettou CEO of Attica during a speech
to shareholders.
    Attica Bank, with market capitalization of 500 million
euros, 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.
    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%.
    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. 
  

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