The increase in the authorized capital was covered by 100%. Attica Bankfor a total of 473.3 million euros, in which HFSF participated with 329 million euros, maintaining, as noted in the statement of the Fund, “its rights in Attica Bank, as well as in new bank which will arise after merging with Pancreatia. As part of the shareholder agreement, AMK was attended by Pankritia Bank And Thrivest Holdings with 34 million euros and 30 million euros respectively, indicating the entry of private investors, four systemic banks, which invested 10 million euros each, for a total of 40 million euros, as well as 40 million euros with the participation of e-EFKA.

According to a statement from Attica Bank, through the increase, “capital ratios will be strengthened by at least 20 percentage points, returning to levels well above minimum supervisory requirements.” As noted in Attica’s statement, “A successful capital increase allows the bank’s management, after covering the supervisory capital and restoring its ratios, to effectively manage the existing portfolio of NPLs, clearing their balance sheet, as well as how to implement a business plan for restructuring and developing the bank in order to achieve operating profitability to 2025”.

Eleni Vrettu, Managing Director of Attica Bank, noted that “the successful completion of the share capital increase is a historic event for the bank, as by restoring capital adequacy standards, we are embarking for the first time on the integrated management of non-execution of the loan portfolio and investment along with restructuring in the development of Attica Bank to become more competitive in the market.

This perspective is underscored in a statement by HFSF, whose managing director, Ilias Xirouhakis, highlights in his statement the importance of the arrival of new private investors in Attica Bank and “the prospect of its subsequent merger with Pankritia Bank, resulting in a stronger but also more competitive banking structure.”

The parties involved are expected to agree on the details of the merger plan and related timetable within the next few months. The fund will actively contribute to the restructuring and transformation process of Attica Bank by appointing four non-executive members to the new board of directors, one of whom will be appointed as its representative.