Attica Bank initiating a share capital increase process to meet the capital shortfall identified by the Bank of Greece
Attica Bank S.A. (the “Bank”) announces its intention to proceed with a share capital increase of approximately 750 million euros to meet the capital shortfall identified in the Comprehensive Assessment performed by the Bank of Greece (BoG).
The above amount was defined on the basis of the capital plan submitted by the Bank and assessed by the Bank of Greece, following the announcement of the results of the 2015 Comprehensive Assessment (CA) performed by the BoG.
Following the assessment of the capital plan by the Bank of Greece, the capital needs that will have to be covered by a share capital increase amount to 584 million euros under the base scenario and to 748 million euros under the adverse scenario.
The Bank intends to carry out the share capital increase before the end of the year through the issuance of pre-emptive subscription rights in favour of existing shareholders and the coverage of unsubscribed shares to other investors. If unsubscribed shares remain following the above, the Bank will request the coverage of the respective amount by the HFSF in accordance with the provisions of Law 3864/2010 as it currently applies.
The major shareholder, the Pension Fund of the Engineers and Public Works Contractors (TSMEDE-ETAA), currently holding 50.67% of common shares, has already since 2014 announced its intention to support the recapitalisation of the Bank.
Attica Bank S.A.