The boards of directors of Attica Bank and Pancreta Bank approved the draft agreement for the merger of the two banks.
The merger will be carried out by accounting consolidation of the assets and liabilities of the merging companies and, in particular, by the contribution of the assets and liabilities of Pancreta Bank to Attica Bank, as they appear in the transformation balance sheet of Pancreta Bank dated 31 December 2023 and as will have been formed by the time the merger is completed.
The proposed exchange ratio is 0.0292156343836978 new common registered shares of Attica Bank for each common registered share of Pancreta Bank, while the shareholders of Attica Bank will retain after the merger the same number of shares they owned before the merger.
According to Attica Bank, the above is subject to the exceptions that have already been announced, including the approval of the Draft Merger Agreement by the General Meetings of the shareholders of the merging companies as well as the receipt of all permits and approvals required by law from the competent authorities, in accordance with the provisions of 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 an expert, according to the text legislation.
Attica Bank noted that the 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 passed in the Greek parliament last week on the votes of ruling New Democracy (ND) and PASOK-Movement for Change (KINAL), who approved it in principle and in its totality.
