Attica Bank Announces Merger Agreement with Pancreta Bank
Attica Bank has recently revealed to investors that it has reached a significant milestone in its corporate transformation. The Hellenic Financial Stability Fund (HFSF) and Thrivest Holding Ltd have signed a binding agreement with the bank regarding its merger with Pancreta Bank.
This merger will see Pancreta Bank being absorbed by Attica Bank, creating a new credit institution post-merger. In order to support the implementation of the new bank’s business plan and cover additional capital needs, shareholders have agreed to invest further in the share capital of the merged entity.
The agreement includes specific terms and conditions for the investment, which will be contingent upon the completion of the merger. This move aims to strengthen Attica Bank’s position and ensure its success in the market, especially in light of the inclusion of non-performing exposure portfolios in the Hercules III state guarantee program.
Merger Proposal for Pancreta Bank to be Reviewed by Parliament
The Ministry of National Economy and Finance has announced that a merger proposal involving Pancreta Bank will be presented to Parliament for approval. This decision comes after careful consideration of the solution put forth by the Hellenic Financial Stability Fund (HFSF).
The HFSF’s proposal was determined to be the most favorable option for a number of reasons. It is projected to result in various advantages, mitigate potential risks, and was regarded as the most appropriate course of action given the current situation.
