The approval of the Share Capital Increase of Attica Bank, in the amount of 735 million euros, was approved at an extraordinary general meeting of shareholders.
In particular, the Bank’s shareholders approved a Share Capital Increase of EUR 672.1 million in favour of the existing shareholders, through the payment of cash and the exercise of EUR 62.9 million warrants, within the scope of the provisions of the Shareholders’ Agreement between the Hellenic Financial Stability Fund and Thrivest Holding LTD as ratified by Parliament. The Bank’s objective is to complete the capital increase by the end of October and to start trading in the warrant shares in November.
Furthermore, the Extraordinary General Meeting approved a reverse stock split so that the Bank’s 53 million shares will become 530,000, increasing the nominal value of the existing nominal ordinary shares from EUR 0.05 to EUR 5.00 with a simultaneous reduction in the total number of the Bank’s existing ordinary shares by combining one hundred shares into one (reverse stock split).
The Board of Shareholders voted in favor of all items on the Agenda, including the termination of the inclusion of Attica Bank in the deferred tax credit (DTC) regime, as the universal successor of Pancreta Bank after the merger of the two institutions.
Addressing shareholders, Attica Bank Chairman of the Board of Directors Yiannis Zografakis said: “The legal merger of Attica Bank with Pancreta has been completed and the teams of both banks are working hard on the operational merger. To create the new unified and strong bank we all want, the proposed capital increase of €735 million is necessary.
Attica Bank CEO Eleni Vrettou emphasized that “all current shareholders of the Bank will have the opportunity to actively participate in the new share capital increase. Based on the Shareholders’ Agreement, we can proceed with the necessary capital reinforcement with certainty of coverage, ensuring that our new business plan will be fully implemented.”
By the end of the year, the Bank will seek to complete the derecognition of Non-Performing Exposures (NPEs) through the “Hércules III” program, so that it is fully recapitalized and healthy by the end of 2024.