Attica Bank

The shareholders of Thrivest, which will participate with 30 million euros in the Attica Bank capital increase by acquiring, in this phase, 4.93% of its share capital, aim to create a single bank.

The balance of the general government eventually crossed into positive territory from as early as last year, with a primary surplus of 0.1% of gross domestic product or 273 million euros, against a forecast in the 2023 budget for a deficit of 1.6% of GDP or €3.4 billion, according to data published on Friday by ELSTAT and Eurostat, in the context of the European Union's excessive deficit proced

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. 

The creation of Greece's fifth largest bank, which would be near the level of the four systemic lenders, will likely get closer this week with the signing of a memorandum of understanding by Thrivest and the shareholders of Attica Bank regarding the participation of the former in the lender.

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.