The “green light” for the merger with Pankritia was given a little while ago by the extraordinary general meeting of the shareholders of Attica Bank, taking a decisive step in the course of the consolidation of the two banks and also in the creation of the 5th banking pole in the country.
After a long-suffering course, as Attica Bank CEO Eleni Vrettou said, which was characterized among other things by weak balance sheets, the shareholders decide to signal to leave all this behind, while at the same time signaling the vision for a competitive bank, twice in size and high capital return.
Being free from the problems that plagued it (e.g. excessively high non-performing loans), the aim of the new banking group is to bring traditional banking and the customer back to the fore, but also to financially support small and medium-sized businesses.
One way
Mrs. Vrettou made a special reference to the importance of the venture, saying that the 5th banking pole is being created after the 4 systemic banks and emphasized that the new scheme will expand its network throughout Greece and at the same time strengthen competition in the field.
“The strategic choice of the merger was a one-way street”, he characteristically noted while referring extensively to the benefits arising both for the shareholders and overall for the domestic financial system.
With reference to the upcoming share capital increase of 735 million euros, Mrs. Vretto noted that the goal is to take place in October, while emphasizing that it will also contribute to its development perspective, so that in 2027 the bank’s loan portfolio will reach 6 billion euros and the new disbursements to move to the level of 2 billion euros per year.
The managing director of Attica Bank made a special reference to Heracles III, saying that the next step, the inclusion of securitizations in the support mechanism, which will cost approximately 800 million euros, and emphasized that if the two banks proceeded with the sale of loans and not with securitization there would be an additional damage of 400 million euros.
The goals of the new bank are to increase deposits and attract new deposits through attractive pricing, according to Ms. Bretto.
In closing, he emphasized the rapid implementation of the merger, and thanked the main shareholders, the HFSF, Thrinvest, EFKA and small shareholders for the support they showed to the board of directors both in the implementation of the project and in the next steps of development.
Zografakis: The 5th banking pole is being consolidated
The position of the president of Attica Bank, Ioannis Zografakis, moved in a similar vein, who in his speech spoke of a historic but also decisive decision both for Attica Bank and for the financial system in general, while the merger of the two banks will be consolidated the 5th banking pole.
It should be noted that the assets of the new bank will be 10 billion euros, the loans will be 7.6 billion euros in 2027, and the revenues of the two banks will be 20% higher compared to the current ones.
Source: ot.gr
#merger #Pankritia #Attica #Bank #bring
