Aldridge EDC, Duet Group and the consortium of Pimco with Qualco and Oaktree have submitted binding offers for Attica Bank’s portfolio containing 700.5 million euros of nonperforming exposures. Sources say the offers range between 60 and 75 million euros.
In a statement, Attica’s management noted that the three bidders will be assessed by the bank and its consultant with the aim of picking the best option. The objective is for the necessary contracts to be signed by the end of June.
The securitization of the portfolio’s loans is being conducted in parallel with the share capital increase of up to 197.7 million euros that Attica’s management is implementing. The investors interested could participate in both procedures at the same time, achieving the twin target of the bank’s privatization and the streamlining of its bad-loan portfolio.
The securitization of those bad loans is Attica’s second after the transfer of loans worth 1.3 billion euros to Aldridge in 2017.
The share capital increase is expected to be concluded by June 25 through the completion of the second phase, with Attica’s management confirming that from early July it should have a high solvency ratio and will be able to serve its clients properly.