Following relevant publications and the reestablishment of adequate information for the investing public, the Bank informs that the preliminary assessment of the portfolio was completed today by the rating agency DBRS Morningstar. The Bank estimates that the said portfolio will not exceed the amount of EUR 400 million of additional losses, which will arise from a possible securitisation of the Bank’s non-performing exposures under the Herakles III state guarantee programme, estimates Bank of Attica, following the completion of the relevant preliminary assessment by DBRS.
According to DBRS, it estimates the total book value of red loans at around €2.3 billion.
As stated in a statement from the Bank, “it will keep the investing public informed on how to cover its capital needs arising from the above-mentioned transaction if and as long as the Bank is included in the Heracles III program, taking into account that the deadline for submitting the shareholders’ agreement to the Bank of Greece has been extended until 18 July 2024.”
It is also emphasized that any information or development relating to its activities is issued by itself and is the only reliable and valid source of information.
“The 100th anniversary coincides with the complete transformation of the Bank”
Ready to face the challenges of the next day as a healthy, efficient and profitable bank, was the message that Attica Bank delivered at today’s Annual General Meeting of Shareholders.
Chairman of the Board of Directors of Attica Bank, Mr. Yiannis Zografakisduring his speech, highlighted that 2024 marks the 100th anniversary of the founding of Attica Bank, a year that coincides with the Bank’s reorganization. “For a century, we have been close to our businesses and customers, with resilience in decisive periods for the direction of the country and its economy. This year’s annual general meeting marks the milestone of these 100 years, allowing us to be proud of what we have achieved in the past year and look to the future with renewed optimism.”
Zografakis emphasized that in 2023 the foundations for a modern banking culture were laid, with the values of transparency, good corporate governance and reliability as fundamental and non-negotiable characteristics for the Bank.
“Corporate governance principles are fundamental to the trust of customers, investors and regulators. Attica Bank is no longer lagging behind in this critical area and is able to ensure the rights of shareholders and investors.”
He emphasized that Attica Bank, now with significant liquidity and capital adequacy, fulfills its role in the Greek banking market, with particular emphasis on flexibility, customer needs and small and medium-sized enterprises. Chairman of the Board gave credit to Attica Bank’s executive managementbecause, as he said, “he managed to transform all the objectives that were set and the previous ones into tangible and measurable results in a very short space of time and with minimal resources”.
The CEO of Attica Bank, Ms. Eleni Vrettou, spoke of a year of great and significant challenges, with a change in narrative resulting from the transformation that took place in 2023 and the return to profitability, which brings the Bank closer to the next day of its 100-year journey. As he characterized in his speech, “we responded to the practical and undivided support of our shareholders, and having created a relationship of trust and consistency with the supervisory authorities, we were able to regain the trust of our customers and be able to talk today about the next day with its full restoration. The 100-year anniversary coincides with the year of the complete transformation of the Bank, now creating, with the intended union of forces with Banco Pankritia, a new strong, fully healthy and dynamic organization”.
Vretto (Attica Bank): Only 24 hours left until the conclusion of the agreement with Pankritia