The creation of a new ‘banking pole’ is something that the Greek banking system needed.
The shrinking of the banking sector after the crisis, with the closure of many banks and an abundance of bad loans, left a significant gap in the development of the sector, which in essence seems to have passed into the next day. If someone looks for the gaps in the banking system, he will realize that perhaps the most important thing of all is that small and medium-sized enterprises, and especially small enterprises, find it difficult to have access to Greek banks.
The aim of the new pole is the financing of small and medium-sized enterprises, the creation of a banking culture that provides solutions to customers and, finally, the strengthening of a banking pole, based on modern economic trends, which, however, do not only concern big customers.
The shareholders pledged to strengthen the capital of Attica Bank by contributing up to 675.1 million euros in cash, of which 475.1 million will be paid by the HFSF and up to 200 million will be paid by Thrivest.
The above funds will be made available in the framework of the increase of the share capital of Attica Bank, with a right of preference in favor of the old shareholders and the issuance of shares of Attica Bank (“Warrants”) in favor of those of its shareholders, who will have registered and covered the share capital increase, seeking to raise up to 735 million euros.
This means that the warrants will amount to 60 million euros. After the increase, HFSF is expected to own no less than 35% of the share capital and voting rights of Attica Bank, and Thrivest is expected to own a percentage ranging between 50% plus one share and 58.5% of the share capital and voting rights of Attica Bank.
It is noted that the percentage of Thrivest’s participation in Attica Bank may increase, if Thrivest chooses, at its discretion, to invest an amount higher than the above 200 million euros, in the context of the capital increase.
