HFSF, Thrivest and Pancreta to cover Attica’s increase

HFSF, Thrivest and Pancreta to cover Attica’s increase

The Hellenic Financial Stability Fund (HFSF), Thrivest and Pancreta Bank pledged to participate in a share capital increase plan by Attica Bank worth up to 393 million euros as part of a merger deal, Attica Bank said in an announcement. 

Under the terms of the agreement, the Hellenic Financial Stability Fund will cover up to €329 million of the share capital increase, with Thrivest and Pancreta Bank covering the remaining €64 million (€30 million and €34 million respectively). 

Attica Bank and Pancreta agreed to implement an NPE reduction strategy to seek completion of the merger deal between them within 12 months. 

Under the terms of the deal, TMEDE  – the engineers’ fund – will not participate in the share capital increase plan but will retain an equity stake of around 5% in Attica Bank following completion of the plan.

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