Attica Bank

The management of Attica Bank is expected by mid-January to have finalized its plan to reduce the lender's bad loans - which amount to approximately 2.5 billion euros (approximately 65% of its portfolio) - in order to then launch the process to increase its share capital by a total of €490 million. 

Attica Bank is heading towards transitional nationalization, as the process of implementing the law on deferred taxation has started, after the losses it recorded in the fiscal year 2020.

The Greek stock market benchmark edged marginally higher again on Thursday, but the increase in turnover did not translate into a significant advance for blue chips, as their index ended up in the red. Gains for small-caps, on the other hand, led to winners surpassing the losers at the end of the session.

The Greek stock market recovered on Wednesday from a two-day sell-off that saw banks shed over 12 percent of their stock value, as the benchmark jumped back above the 860-point level, albeit on lower trading volume. The market appears quite volatile, in contrast to the months leading up to the May 26 European elections.

Greek securities are riding the wave of international price rises and domestic expectations after the May 26 European election result that led to the Greek prime minister calling next Sunday's snap poll, with bond yields falling and ATHEX stock prices faring better than most of their European peers.

The statements by European Central Bank Governor Mario Draghi gave Greek stocks a fresh boost on Tuesday, taking the benchmark to yet another 13-month high after the bank holiday - and on improved trading volume too.

The Ministry of Infrastructure and Transport's decision to knock contractor Christos Kalogritsas out of contracts related to the Patras-Pyrgos highway is likely to cause yet another delay in the major construction project, as the ministry will have to seek out another contractor.

The main index of the Greek bourse on Thursday reached highs unseen since May 2018, as the momentum among buyers continued unabated at Athinon Avenue.

The Athens Exchange (ATHEX) general index closed at 850.37 points, adding 0.79 percent to Wednesday's 843.73 points. The large-cap FTSE-25 index expanded 0.45 percent to end at 2,161.94 points.

Prominent Greek banker Giorgos Michelis, who was appointed as Chairman of the Board of Attica Bank in late March, died on Saturday at the age of 69.

Michelis had many years of banking experience having served as CEO of Bancpost, a subsidiary of Greece's Eurobank in Romania, general manager of Emporiki Bank and executive vice president and chief operating officer at Egnatia Bank.

The Greek bad-loan management market is welcoming international firm StormHarbour, which in cooperation with Italy's Fire SpA has created EuPraxis; this new servicer joins the long list of nonperforming-loan managers that the Bank of Greece has licensed.