Developments are expected until the end of next week on the Attica Bank front and the share capital increase that will follow the merger with Pancrete Bank. At the end of Holy Week is expected the DBRS estimate of the amount of damages from the liquidation of the red loans from the balance sheets of the two banks, an element that will shape the amount of the new share capital increase planned for the beginning of autumn.
Depending on the will for full cleanup of the unified scheme, which is currently burdened with non-performing loans of the order of 3 billion eurosthe new funds that will be required may even exceed 600 million euros and move in the range of 600-700 million. Recently, participating in the Economic Forum of Delphi, the CEO of Attica Bank, Eleni Vrettouindicated the direction of full consolidation, saying that after the merger with Pankritia Bank, Attica Bank will be the only bank in Greece without deferred tax (DTC), with only pure quality capital and a very low NPL ratio.
The amount of new capital needs that will be revealed by the DBRS assessment will put the final touch on the joint business plan of the two banks that has been drawn up Oliver Wyman and will immediately initiate a separate request from each of the two banks for the inclusion of their securitizations in “Hercules 3”. After the share capital increase and the consolidation with the “Hercules” vehicle, the NPE ratio is expected to fall below 3%, from 50% – 60% today.
The “finding” on the amount of the new share capital increase will initiate the dialogue between the HFSF, which currently controls 72.5% of Attica Bank, and Thrivest. H Thrivest Holding of entrepreneurs D. Baku, I. Kaymenaki and Al. Exarchus controls 4.4% in Attica Bank, but also 44% in Pancreatia, which in turn owns 5% in Attica. Other shareholders in Attica Bank are e-EFKA with 7.6%, TMEDE with 4%, Pankritia Bank, while shareholders with less than 5% control 6.5% of Attica Bank. It is noted that Pancreatia has 56% of its shares widely dispersedwith shareholders of the four systemic banks but also heavy business names such as Giorgos Moundreas, Eutychis Vassilakis, Achilleas Konstantakopoulos and his brothers, Spyros Theodoropoulos, as well as the Lebidakis family.
As insider.gr has written, the business plan of Attica Bank – Pankritia Bank is ten years (with special emphasis on the objectives of the first three years), since the HFSFwhich has capital-backed Attica Bank and is set to divest heavily (its stake is estimated to drop from 72% to close to 33% in the single scheme), wants strong assurances about the returns on its investment.
It is noted that 2023 was a milestone year for Attica Bank, as it returned to operational profitability, with pre-tax profits of 28.6 million against a loss of 356.6 million in 2022. 2023 was also a landmark year for Pancreatia Bank, which proceeded to acquire the activities of the Greek branch of HSBC and in the absorption of Cooperative Central Macedonia, managing to record profits of 90.76 million euros.
