The boards of directors of Attica Bank and Pankritia Bank have approved the draft agreement for the merger and absorption of Pankritia Bank by Attica Bank.
What will the merger be like?
As stated by Attica Bank in its notice, the merger will occur in accordance with the provisions of articles 6-21, 30-34 of Law 4,601/2019, the provisions of article 16 of Law 2,515/1997, the applicable provisions of Law 4,548/2018, as applicable, and the agreement of 18.07.2024 between the Financial Stability Fund and Thrivest Holding Ltd regarding, among other matters, the merger, in accordance with the law.
The merger will be carried out through the accounting consolidation of the assets and liabilities of the merged companies and, in particular, by contributing the assets and liabilities of Pancrete Bank to Attica Bank, as set out in the balance sheet of Pancrete Bank as of 31 December 2023 and as will have been constituted at the time the merger is completed.
The proposed exchange ratio is 0.0292156343836978 new registered ordinary shares of Attica Bank for each registered ordinary share of Bank of Greece, while Attica Bank shareholders will retain after the merger the same number of shares as they held before the merger.
The above, according to Attica Bank, is subject to the exceptions already announced, including the approval of the Draft Merger Agreement by the General Meetings of the shareholders of the acquiring companies, as well as the receipt of all licenses and approvals required by law from the competent authorities, as defined in the applicable legislation.
On behalf of Attica Bank, the company UBS Europe SE acts as financial advisor and the law firm Potamitis-Vekris, as legal advisor, for the purposes of the merger, and the auditing company “PRICEWATERHOUSECOOPERS SA” as expert, in accordance with the text of the legislation.
Attica Bank reminds that the investing public will be informed by the Bank about the progress of the merger process.