The fifth banking pillar created after the merger of Attica Bank and Pancreta Bank is expected to premiere on the Athens Stock Exchange this week. The €735 million share capital increase proved successful, and the two main shareholders—the Hellenic Financial Stability Fund (HFSF) and Thrivest Holding Ltd.—completed the warrant exercise on Friday.
THE DISTRIBUTION
The HFSF exercised 90,452,943 acquisition securities, which included 25,619,382 securities bought from the e-FIFCA, and paid the bank about €15.8 million. Thrivest exercised 246,778,895 acquisition securities, which included 180.792,863 securities bought from the HFSF and paid the bank €43.1 million. This means that Attica Bank, through the two legs of the AMC, raised funds, totalling €735 million (€672.2 million + €62.9 million)
THE SHAREHOLDER COMPOSITION
After the share capital increase, the fund's stake will reach 35% and Thrivest's ownership will be over 50%, thus becoming the main shareholder.
RED LOANS
At the same time, the consolidation of the bank's loan portfolio is progressing. Attica has submitted a request to include the Domus and Rhodium portfolios in Hercules III, under a deal with Davidson Kempner. We expect the NPL ratio, also known as NPEs, to decrease from 60% to 3% through the proposed consolidation.
THE BUSINESS PLAN
The new bank is expected to have deposits of €10 billion in 2025 and over €11 billion in 2027, compared to around €5.8 billion today.
- Direct lending of over €4 billion in 2025 and €7 billion in 2027, up from €2.3 billion in 2023
Profit before provisions of over €150m in 2025 and over €250m in 2027, up from €43m at pro-forma levels for FY2023 - Return on equity (RoTE%) from a projected rate of over 18% for 2025 to over 22% for 2027
- Capital adequacy from 12.3% in 2023 to 14.3% in 2025 and 15.4% in 2027, with an average across the four systemic groups of 16.2%
