Attica Bank

The intention of investors to cash in on last week?s gains and concerns over a possible rift between Athens and its eurozone peers resulted in a losing start to the week for Greek stocks, with banks sustaining considerable losses.

Ratings agencies Fitch and Standard & Poor?s on Tuesday warned on the long-term ratings of four Greek banks as uncertainty surrounds Greece getting financial support from the European Central Bank.

Fitch placed the long-term ratings of Alpha Bank, Eurobank, National and Piraeus on negative watch.

The uncertain outcome of Greece?s standoff with its creditors prompted Moody?s Investors Service to downgrade the ratings on five lenders, citing the reduced likelihood of state support, and said it may cut again.

New York-based Moody?s reduced National, Piraeus and Alpha one level to Caa2 from Caa1, it said in a statement on Monday.

Following a recent decision by the ratings firm change Greece’s credit rating to under monitoring regime, Moody’s announced today the credit assessment of the five Greek banks.
More specifically, Piraeus Bank, National Bank and Alpha Bank from Caa1 downgraded to Caa2, while Eurobank and Attica Bank from Caa3 downgraded to Caa2.

By Yiannis Papadoyiannis

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.

Small Greek lender Attica Bank has postponed for a second time a shareholder vote on a 434 million euro (542.3 million US dollar) fundraising to plug a capital shortfall, saying it needed more time to finish talks with investors.

Last month, the 79-branch bank had put off a shareholders' vote scheduled for Oct. 13 until Monday (Nov. 10), citing the same reason.

Small Greek lender Attica Bank postponed to next month Monday's shareholder vote on a 434-million-euro ($550.5 million) cash call to plug a capital shortfall, saying it needed more time to finalise talks with foreign investors.

By Yiannis Papadoyiannis

Attica Bank has turned down buyout proposals from strong institutional portfolios and investors in recent months, setting the maintenance of the present share and administrative structure of the Greek lender as a condition.

Greek lender Attica Bank on Tuesday dismissed speculation that its plans to raise cash and plug a capital shortfall could flounder, saying it was confident of success.

Unlike its larger peers, Attica, which has a market value of 81 million euros, did not turn to the country's bank bailout fund - the Hellenic Financial Stability Fund - during the debt crisis.

By George Georgiopoulos

Greek bank shares fell sharply on Wednesday, leading the broader Greek equities market lower, with traders citing jitters over the European Central Bank's region-wide stress test and weakness in other European markets.