Merger of Attica Bank and Pancretan Bank: Agreement to establish the fifth banking pillar

11:21 19/7/2024 - Πηγή: iEfimerida

Attica Bank SA has informed investors that it received written notification from the Hellenic Financial Stability Fund ("HFSF") and Thrivest Holding Ltd (“Thrivest”) regarding the signing of a binding agreement ("Shareholders Agreement").

This agreement outlines the corporate transformation of Attica Bank through its merger with Pancretan Bank, where Pancretan

Bank will be absorbed by Attica Bank (the "Merger"). The Shareholders Agreement also includes provisions for further investment in the share capital of the new credit institution that will be formed post-merger, contingent upon completion.

The investment by the Shareholders will be executed under specific terms and conditions outlined in the Shareholders Agreement. It aims to support the implementation of the new bank's business plan and to cover additional capital needs arising from the inclusion of both banks' non-performing exposure portfolios in the "Hercules III" state guarantee program.

The agreement for the increased share capital of Attica Bank and its merger with Pancretan Bank will be submitted to Hellenic Parliament for ratification, according to an information note from the Ministry of National Economy and Finance.

Ministry highlights that the solution proposed by the HFSF was deemed optimal for several reasons: it is expected to yield multiple benefits, prevent potential losses and was considered the best course of action given the circumstances.

Governor of the Bank of Greece Yannis Stournaras, details the anticipated benefits and the avoided losses in a letter dated July 16, addressed to both the Ministry of Finance and the HFSF.

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