Saturday May 23, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece's Attica Bank looks for strategic investor in cash call

Greek lender Attica Bank has hired advisers to look for an investor to take part in a planned equity offering, as it becomes the fifth of the country's banks to tap international markets to plug a capital hole, it said on Tuesday.

Attica will issue new shares to raise about 320 million euros ($436.85 million), more than twice its current market value, to cover a 397 million capital need revealed in a central bank stress test in March.

Attica's bigger rivals, National, Piraeus, Eurobank and Alpha have tapped international investors through equity offerings since March, raising a combined 8.3 billion euros to plug capital holes.

Unlike its peers, Attica is the only Greek bank that has not sought recourse to the country's bank bailout fund - the Hellenic Financial Stability Fund - for its capital needs during the country's debt crisis.

The bank, 51 percent owned by the engineers' pension fund TSMEDE, has hired UBS, PriceWaterhouseCoopers and Clayton to find a suitable cornerstone investor, Attica's Chairman Yannis Gamvrilis told reporters.

"The bank will maintain its autonomous course, the main shareholder TSMEDE will support the cash call," he said.

Attica, with assets of 4.0 billion euros and a network of 79 branches, was loss making last year hurt by provisions for non-performing loans which reached 26.6 percent of its loan book. [Reuters]

ekathimerini.com , Tuesday May 27, 2014 (15:15)  
Hotel contracts with a ‘Greek default clause’
Listed firms have whisked away most of their cash reserves
Car sales drop a gear on VAT rate uncertainty
Bulk of loan requests comes from food service
Deal no closer following PM’s meetings in Riga
Athens believes that Greece could still clinch an agreement with its lenders but probably at the start of June, rather than by the end of this month as it had previously hoped, following the...
Greece to back NATO-led campaign against ISIS, Kammenos says
Greece will join the United States and other NATO members in efforts to defeat militants of Islamic State (ISIS), an issue which is expected to be discussed in the summit of the transatlanti...
Inside News
SOCCER
Greece escapes soccer suspension, FIFA happy with changes
FIFA says it is satisfied with changes made to sporting law in Greece, and has dropped a threat to suspend the country from international competition. In a letter to the government dated May...
SOCCER
Four-goal Panathinaikos thrashes Asteras away
Panathinaikos thrashed Asteras at Tripoli to gain an early advantage in the race for a spot in next season’s Champions League qualifiers, as the Super League play-offs got under way on Wedne...
Inside Sports
EDITORIAL
Consensus is key
The education bill that has been put forward by Greece’s leftist-led government has to be the subject of extensive public consultation. Even more importantly, it needs to be approved in Parl...
COMMENTARY
The other inequality: how the state spends our money
Growing inequality between rich and poor across the world has rightly become the focus of much investigation and analysis. The Organization for Economic Cooperation and Development underline...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Hotel contracts with a ‘Greek default clause’
2. Listed firms have whisked away most of their cash reserves
3. Deal no closer following PM’s meetings in Riga
4. Greece to back NATO-led campaign against ISIS, Kammenos says
5. SYRIZA, ND waver over agreement
6. Nearly 800 irregular migrants detained as EU mulls refugee relocation plan
more news
Today
This Week
1. Hotel contracts with a ‘Greek default clause’
2. Listed firms have whisked away most of their cash reserves
3. Merkel stamps out brief optimism on Greece after Tsipras talks
4. Lessons from Israel’s tech miracle
5. Tsipras to meet Juncker on second day of Riga summit
6. Civil aviation staff to hold walkout on holiday weekend
Today
This Week
1. The Greek-German breakthrough that didn’t come
2. Conspiracy madness
3. Greece came close to not paying IMF
4. National self-awareness put to the test
5. Albanian demarche raises concerns about possible territorial claims over Greece
6. Greek endgame nears for Tsipras as bank collateral hits buffers
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.