The boards of directors of Attica Bank and Pancreta Bank have approved the draft agreement for the merger of the two banks.
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 Pancreta Bank to Attica Bank, as they appear in the balance sheet of Pancreta Bank as of 31 December 2023 and as they 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 Pancreta Bank, while Attica Bank shareholders will retain after the merger the same number of shares as they held before the merger.
According to Attica Bank, the above 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 authorizations and approvals required by law from the competent authorities, in accordance with 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 said that investors will be informed by the Bank about the progress of the merger process.
Meanwhile, a bill ratifying the merger of Attica Bank with Pancreta Bank was approved in the Greek parliament last week, with the votes of the ruling New Democracy (ND) and PASOK-Movement for Change (KINAL) parties approving it in principle and in its entirety.