Looking back at the main events in Attica Bank’s history, Mrs. Papacostaniou stated that the Bank of Greece has been overseeing the Bank’s restructuring and consolidation efforts for more than a decade.
The Bank of Greece supports the merger project of Attica Bank with PankritiaAs the deputy commander of the Ministry of Defense emphasized. Christina Papaconstantinouspeaking at the General Assembly of Attica Bank today, adding that the merger of the two institutions is an exercise with many challenges.
“Many and complex actions have already been carried out to prepare the transaction and to reach an agreement between the shareholders of the banks. In order to complete the merger in the next period, all the involved bodies and above all the administrations and managers of the two banks must continue to work in a coordinated and efficient manner. Everyone knows that the completion of the single banking structure project is another important step in the overall consolidation and healthy development of the Greek banking system.” he characteristically said.
Looking back at the main events in Attica Bank’s history, Ms. Papacostaniou noted that the Bank of Greece has been overseeing the Bank’s restructuring and consolidation efforts for more than a decade.
Today, as he said, the bank is being transformed and is facing the most important step in its history. With the support of its current major shareholder, the HFSF, and parallel capital support from private investors, the Bank will finally be freed from its non-performing loan burden using the Heracles 3 government guarantee program.
The finalization of the rating by DBRS, and indeed at better than expected levels, paves the way for consolidation of the Bank. By joining forces with Pankritia Bank, it will become a strong pillar of the Greek banking system, strengthening competition in the domestic banking market.
In the 2000s, the Bank participated in the rapid expansion of credit and the development of the financial sector, expanding its operations. The financial crisis of the 2010s left its negative mark on Attica Bank, as it did on the entire banking sector.
“Unfortunately, the impact of the financial crisis in the case of Attica Bank was combined with inherent weaknesses in credit procedures and the Bank’s corporate governance and internal control systems, which were also identified during Bank of Greece audits. that period. Attica Bank managed to survive the crisis, mainly thanks to the investment of its previous major shareholder (TSMEDE-TMEDE) and the subsequent administrations of the Bank until today, eliminated most of the weaknesses that led the Bank to negative results. The current management of the bank has managed to significantly and significantly improve the situation compared to previous years, both in terms of size and corporate governance,” said Mrs. Papacostandinou.