Historic Merger of Pancreta and Attica Banks Receives Political Backing

08:27 25/7/2024 - Πηγή: iEfimerida

In a move hailed as historic for the Greek banking sector, the merger of Pancreta Bank and Attica Bank, facilitated by a deal between the Hellenic Financial Stability Fund (HFSF) and Thrivest, has received unanimous political backing.

The

merger, aimed at strengthening the financial stability of the banking sector and boosting the national economy, ensures private investor participation and positive returns for the Greek government, according to HFSF Chairman Andreas Verykios.

HFSF CEO Ilias Xirouchakis described the agreement as a "milestone" that resolves a decade-long capital issue for the two banks and paves the way for further growth. The merger will also lead to early repayment of bonds and the creation of a modern financial institution supporting households and businesses.

Ms. Xirouchakis stressed the positive impact on the banking system and the national economy. "We view this transaction as a milestone for both the banking system and the national economy," he said.

The merger is expected to create a strong fifth banking pillar, enhancing competition and providing advanced services to clients.

The political consensus surrounding the merger signals a positive outlook for the future of the Greek banking sector and the broader economy.

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