ECONOMY

Attica Bank and Pancretan get extension

attica-bank-and-pancretan-get-extension

Attica Bank has secured an informal extension of 30 days until end-January from the competent authorities so as to complete its share capital increase.

The lender has gathered about 700 million euros of the 746 million it needs to collect in the context of the recapitalization process, with the outstanding amount set to be covered by a foreign institutional investor who has submitted a commitment to participate in writing.

The Attica management appears to have reached an agreement with the foreign investor and the 30-day extension has been granted so that the investor can complete the due diligence process ahead of the payment of the agreed amount.

The Pancretan Cooperative Bank has also been granted an informal extension, having already secured 70 million euros out of the 100 million required by the adverse scenario of the lender’s stress test. However, some sources note that the Iraklio-based cooperative will retain its autonomy even if it does not collect all the funds required by the adverse scenario, as the 70 million euros it has collected suffices to cover all the necessary requirements regarding its capital adequacy.