Powerful funds are interested in investing in Attica Bank, the potent new bank emerging in the domestic banking landscape.

As the bank's CEO, Eleni Vrettou, who on the occasion of the successful completion of the bank's share capital increase, declared the opening of the stock exchange yesterday, ringing the traditional bell, pointed out, "Apart from Fiera Capital, two other well-known funds wish to enter the bank.". 

They may, of course, enter the bank's next placement, which will take place in the next 18 months, the bank's CEO revealed. To avoid disrupting the shareholding composition, these two funds did not enter the equity at this stage. However, they will do so, which will enhance the bank's diversification.

THE SHAREHOLDER STRUCTURE

At this stage, Thrivest has a little less than 55% after the warrants are exercised, while the NFKA has a slightly higher than 3% stake in the recapitalised bank. A number of private individuals with a long-term focus hold the equity, despite the 10% freefloat.

VOLUNTARY AND BRANCHES

The bank will go on voluntary redundancy and close some branches—a few in Crete—based on geographical distance, i.e., the branches must be more than 1 km apart. We estimate that the bank will close a total of 12 branches.

THE STOCK

Ms. Vrettou stated that the bank is altering its direction. The bet is on a smooth operational merger with Pancretia, rebranding as well as systems integration. She anticipates the completion of the rebranding in April, with the branches adjusting to it in the first half of 2025.

INTERNATIONAL PARTNERSHIPS

The bank is enhancing its reputation and forming partnerships with foreign entities. It is working in wealth with firms such as Templenton, Pictet, and Shroeders. The bank is interested in the insurance market, has distinct management and is a 10% shareholder in cooperative insurance. 

THE SIZES

The management's goal is to achieve a profit before provisions of €200-€250m by 2027. The bank, after the integration of its red loans into Hercules, will have an NPE below 3%, and this is the fastest turnaround ever achieved by any bank.