The first part of Attica Bank's capital increase, with cash payment, has been completed. According to BnB Daily, all the small shareholders of the former Pancreta Bank participated in the Capital Increase, placing €18 million. The same sources say that "this fact not only implies an absolute success for the project of the 5th banking pillar, but also reflects their confidence and expectations in the business plan, prospects and management of the new bank".  

THE FAMOUS NAMES

Shipowner George Mundreas, who reportedly sold his stake earlier, did not participate in the process. On the contrary, the shipowner Achilleas Konstantakopoulos and the businessman Eftihis Vassilakis participated in the capital increase. According to the same information, Fiera Capital was also involved. 

TIMELINE 

The Athens Stock Exchange is expected to approve the listing of the new shares for trading on 13 November. Following the capital increase, Attica Bank is significantly strengthened and will proceed with securitization of red loans in order to complete its consolidation. The aim is to become the 5th banking pillar that will contribute to the growth of the Greek economy and will finance small and medium-sized enterprises and, of course, large projects. 

THE NUMBERS

As the bank's management has stated, at the end of the year it is expected to have total assets of €10 billion; in 2027, loans will be €7.6 billion, while the aim is to be included in Hercules III after the Capital Increase. The NPE ratio is expected to fall below 3%, equal to or better than the systemic banks.