With the consent of the “locked” shareholders, who, according to well-informed sources, will invest 670 million euros for the consolidation. Attica Bank: -Before the €100 million bond issue follows, the legal staffs of the Financial Stability Facility and Thrivest are sorting out the last technical details.
Meanwhile, during the day, a meeting of the board of directors of HFHA is planned, which will be followed by official announcements.
Already at the weekend, the Bank of Greece had the draft agreement in hand and was informed of the ways to find the necessary funds that would be required for the consolidation of Attica Bank, ie the amount of participation of both parties. The Fund and Thrivest’s private individual investor (Kaimenakis and Exarchos of Baku) in the increase of share capital.
Moreover, the Central Bank received the merger plan of Attica Bank with Pankritia and was informed about the capital adequacy of the new bank, taking into account the expected losses if the portfolios are included in the Heracles 3 program.
In any case, the way has been opened for the creation of the 5th pillar of banking with the “birth” of a strong non-systemic bank, which will focus on financing small, medium and small businesses.
The role of Alexandros Exarchos, who was the interlocutor of HFSF head Ilias Xirouhakis, was decisive, as Thrivest’s proposal for the amount of funds ensures the full consolidation of Attica Bank and leaves no room for rejection by the Fund. .
With the signing of the shareholders’ agreement, the DBRS assessment report will also be transferred and the two banks’ requests to include the securitized problem loans in Hercules 3 will be officially submitted immediately.
The total problem loan portfolio of Attica Bank and Pankritia Bank is estimated at 3.2 to 3.4 billion euros (2 billion euros is Attica’s “red”). The goal is for the new bank’s non-performing loan ratio to be within 5%.
After the capital increase, which is scheduled to be completed in the fall (October), the public’s stake in the new bank will be significantly limited, as private equity investor Thrivest, which has already invested €130 million in the two banks, will be limited. control more than 50%.
It is known that HFSF controls 72.5% of Attica Bank, Thrivest owns 4.4%, Pankritia Bank – 5% (it is noted that Thrivest controls is 44% of Pankritia). e-EFKA’s participation in Attica Bank is 7.6%, TMEDE’s 4% and 6.5% owned by shareholders with an interest below 5%.
Meanwhile, the annual general meeting of Attica Bank, which will take place on the morning of July 16, is eagerly awaited.