Attica Bank to proceed with capital boost

Attica Bank’s general shareholders meeting on Wednesday voted to proceed with the lender’s 433-million-euro share capital increase.

Stakeholders also agreed to the reverse split of Attica shares with a respective increase in their nominal value, while there was no news on attracting a strategic investor.

With 52.57 percent of shareholders present, the investors were offered 17 new shares for every one they currently hold, with a rights exercise period of 15 days.

The share capital increase of 433.35 million euros is being held to fulfill financial requirements revealed by stress tests carried out by the Bank of Greece last spring.

The meeting further decided to increase the nominal value of the bank’s stock by 0.30 euros to about 4.80 euros per share through a reverse split of 16 old shares into one new one. With the reverse split the number of the bank’s shares will amount to 65,362,134, from the current 1,045,794,145.

The bank is not among the country’s systemic lenders, but it is the biggest privately owned bank.