Greece's Fifth Banking Pillar Set to Launch

09:00 10/7/2024 - Πηγή: iEfimerida

After two years of work by Thrivest Holding, Greece is on the brink of establishing its fifth major banking entity.

The new bank, formed through the merger of Attica Bank and Pancreta Bank, is expected to launch within the next 24 hours, pending final approvals.

This initiative

aims to address the financing needs of Greece's small and medium-sized enterprises (SMEs), which have struggled to access credit from traditional banks.

Prime Minister Kyriakos Mitsotakis expressed government support for the project in 2023, and it has since gained approval from regulatory bodies, including the Bank of Greece and the Single Supervisory Mechanism (SSM).

The new bank will start with a healthy financial profile, boasting less than 3 percent non-performing exposures, a 15 percent capital ratio, €10 billion in deposits, and €3 billion in performing loans.

With a book value of €650 million, it marks a significant turnaround for both Attica Bank and Pancreta Bank, which previously had negative equity.

The move is expected to boost competition within the banking sector and provide crucial support for Greece's economic growth.

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Greeces Fifth Banking Pillar Set,Launch