Attica Financial institution: The cope with Pankritia was formally introduced – 2024-07-20 09:18:17

Attica Financial institution has formally introduced the merger with Pankritia Financial institution, creating the fifth banking hub in Greece.

The fundamental phrases of the Shareholders’ Settlement, as communicated to the Financial institution, are as follows:

1. The Shareholders will present Attica Financial institution with a written dedication letter to cowl the capital wants of the credit score establishment that can come up after the Merger, together with the wants that can come up because of the inclusion within the “Hercules III” Program.
2. The Shareholders’ Funding within the credit score establishment ensuing from the Merger and topic to its completion, quantities to €675.10 million, of which a most of €475.10 million can be paid in money by the HFSF and A most of €200 million can be paid in money by Thrivest.
3. The Funding can be made by a share capital enhance within the new credit score establishment with a proper of choice in favor of previous shareholders. As well as, warrants can be issued in favor of the shareholders who will take part within the enhance of the share capital. The entire quantity sought to be raised from the issuance of recent shares and warrants will quantity to as much as €735 million.
4. After the completion of the above actions (enhance of share capital and issuance of warrants, collectively “Capital Enhancement”), the HFSF is predicted to carry a participation share within the new credit score establishment of a minimum of 35% and Thrivest is predicted to carry a share that can fluctuate between 50% plus one share and 58.5%. Thrivest’s shareholding could enhance if it chooses at its discretion to take a position an quantity better than €200 million.
5. Till the completion of the Merger and the Capital Improve, the composition of the Financial institution’s Board of Administrators won’t change, when it comes to the full variety of Board members. and the variety of members that every get together is entitled to nominate or nominate for election.
6. The Shareholders dedicated to train the voting rights they maintain in every credit score establishment in favor of the implementation of the Merger and the Capital Reinforcement.

The announcement

Following the current bulletins, Attica Financial institution (the “Financial institution”) informs the investing public of the next:

The Financial institution has been knowledgeable in writing by the Monetary Stability Fund (“TFS”) and Thrivest Holding Ltd (“Thrivest” and collectively the “Shareholders”) {that a} binding settlement (“Shareholder Settlement”) has been signed between them concerning the company transformation of the Financial institution (merger with Pankritia Financial institution by the absorption of Pankritia by Attica Financial institution, “Merger”) and the additional funding of the Shareholders (the “Funding”) within the share capital of the credit score establishment that can come up after the Merger and topic to completion of this one.

The Funding within the new credit score establishment can be carried out underneath the extra particular phrases and situations of the Shareholders’ Settlement, will assist the implementation of the marketing strategy of the brand new financial institution and can cowl the extra capital wants that can come up from the inclusion of the non-performing portfolios of the 2 banks in this system offering state ensures “Heracles III”.

The fundamental phrases of the Shareholders’ Settlement, as communicated to the Financial institution, are as follows:

1. The Shareholders will present Attica Financial institution with a written dedication letter to cowl the capital wants of the credit score establishment that can come up after the Merger, together with the wants that can come up because of the inclusion within the “Hercules III” Program.
2. The Shareholders’ Funding within the credit score establishment ensuing from the Merger and topic to its completion, quantities to €675.10 million, of which a most of €475.10 million can be paid in money by the HFSF and A most of €200 million can be paid in money by Thrivest.
3. The Funding can be made by a share capital enhance within the new credit score establishment with a proper of choice in favor of previous shareholders. As well as, warrants can be issued in favor of the shareholders who will take part within the enhance of the share capital. The entire quantity sought to be raised from the issuance of recent shares and warrants will quantity to as much as €735 million.
4. After the completion of the above actions (enhance of share capital and issuance of warrants, collectively “Capital Enhancement”), the HFSF is predicted to carry a participation share within the new credit score establishment of a minimum of 35% and Thrivest is predicted to carry a share that can fluctuate between 50% plus one share and 58.5%. Thrivest’s shareholding could enhance if it chooses at its discretion to take a position an quantity better than €200 million.
5. Till the completion of the Merger and the Capital Improve, the composition of the Financial institution’s Board of Administrators won’t change, when it comes to the full variety of Board members. and the variety of members that every get together is entitled to nominate or nominate for election.
6. The Shareholders dedicated to train the voting rights they maintain in every credit score establishment in favor of the implementation of the Merger and the Capital Reinforcement.

The Shareholders additionally notified the Financial institution that the above commitments to implement the Merger and Capital Enhancement are topic to the extra particular situations and exceptions offered for within the Shareholders’ Settlement, together with the receipt of all crucial company and regulatory approvals.

Following the above, the Financial institution will instantly proceed to the subsequent steps for its inclusion within the “Heracles III” Authorities Assure Program and for the Merger. Moreover, it’s going to implement, to the extent that it’s ready and regarding it, the person actions required for the conclusion of the Funding and the Capital Reinforcement.

The Financial institution will preserve the investing public knowledgeable of the developments, as offered for within the present laws

Supply: OT.GR