The approval of AtticaBank’s Share Capital Increase, totaling 735 million euros, was approved today by the bank’s Extraordinary General Meeting of Shareholders.

In particular, the Bank’s Shareholders approved a Share Capital Increase of 672.1 million euros in favor of the old shareholders by paying cash and by exercising warrants for 62.9 million euros, within the framework of the provisions of the Shareholders’ Agreement between the Financial Stability Fund and of Thrivest Holding LTD as ratified by law by Parliament.

The Bank’s goal is to have completed the AMC by the end of October and to start the trading of the shares from the warrants in November.

Also, the Extraordinary General Assembly approved a reverse-split before the 53 million shares of the Bank to become 530 thousand through the increase of the nominal value of the existing common nominal shares from 0.05 euros to 5 euros with a simultaneous reduction of the total number of existing of common shares of the Bank through the combination of one hundred shares into one (reverse split).

The Shareholders’ Body voted in favor of all the issues on the Agenda, including the termination of Attica Bank’s inclusion in the deferred tax receivable (DTC) regime, as the universal successor of Pankritia Bank after the merger of the two organizations.

Addressing the shareholders, the Chairman of the Board of Directors of Attica Bank, Mr. Yiannis Zografakis stated that “the legal merger of AtticaBank with Pankritia has been completed and teams from the two banks are working intensively on the operational merger. In order to create the new, unified and strong bank that we all want, the proposed capital increase of 735 million euros is needed.

The Managing Director of Attica Bank, Mrs. Eleni Vrettou, emphasized that “all existing shareholders of the Bank will have the opportunity to actively participate in the new AMC. Based on the Shareholders’ Agreement, we are able to proceed with the necessary capital reinforcement with certainty of coverage, ensuring that our new business plan will be fully implemented.”

The Bank will seek to complete the derecognition of Non-Performing Exposures (NPEs) through the “Heracles III” program by the end of the year, so that at the end of 2024 it will be fully recapitalized and healthy.