Greek Attica Bank to merge with Pancretan bank

CrediaBank SA

08/07/2024 08:47

ATHENS, July 8 (Reuters) - Attica Bank  BOAr.AT ,
Greece's fifth largest lender, announced on Monday an initial
agreement to merge with the smaller Pancretan Bank in an effort
to clean up its balance sheet and create a new banking
organisation.
    The new entity will conduct later this year a capital boost
that will be used to cover its capital needs and reduce its
non-performing loan exposure.
    "The two shareholders confirmed that an agreement in
principle on a commonly accepted basis had been reached," the
bank said in a statement, without providing more details
    The Greek banks bailout fund, the Hellenic Financial
Stability Fund, owns 72.5% of Attica, with Pancretan holding 5%,
Thrivest Holding 4.4% and pension funds about 10%.

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