December 25, 2024

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HSBC and the merger scenario with Attica

HSBC and the merger scenario with Attica

if it was Bancretia Bank signed at some point Merger agreement with Attica Bankwill be the third consecutive merger that the dynamically developing fifth pole in the domestic market will be required to complete, starting this year.

In June, the merger with HSBC was completed, followed in September by the merger with the Cooperative Bank of Central Macedonia (formerly Serron) and perhaps within the year the “green light” will be given for another successful deal.

Three months remain to complete the merger of HSBC with Pankritia, with the two brands operating under the umbrella of one group. from 1the June, as confirmed by the bank’s general manager, prof. Bartholomews, more often than not, the two banks would operate as one organisation.

Operational integration with HSBC is accelerating and all necessary steps appear to be planned. The new group, which aspires, among other things, to obtain a large share of the financing pie for Greek small and medium-sized companies, but also to attract new clients, will occupy the fifth place in the banking system, with total assets of more than 4 billion euros.

Meanwhile, just three weeks ago, the process of absorbing the network of the Cooperative Bank of Central Macedonia (formerly Ceres) was announced, as part of the agreement between them. A case in which Pancretia acted as a “savior”, covering the capital shortage of Hyladek Cooperative Bank North in the course of the merger.

with this agreement (The merger is expected to be completed in September.)Pankritia acquires a significant presence in the Northern Greece region and contributes to the bank’s goal of expanding throughout mainland Greece, with the aim of reaching the network to 50 branches by the end of 2023.

management objective Dimopoulos – A. Bartholomew It also aims to expand the share base with new clients, and this was demonstrated by the “competitive” prices announced by the bank after the latest price increases.

merger scenario with Attica Bank

And while the countdown to completing the merger with HSBC has begun, the bank is at the center of scenarios as to whether or not it will finally link Attica Bank with its Arabs.

All this literature on this possibility, which is one of the most concrete scenarios, is related to how the initial interest of Thrivest – the main shareholder of Pankritia – in acquiring a stake in Attica will eventually materialize.

Developments are awaiting with particular interest, as the Exarchos – Baku – Kaimenakis side has expressed its intention to participate in the planned capital increase in Attica, but according to the information, on the condition that the Bank of Greece gives the “green” light “for the merger.

For Attica Bank, a particularly difficult period begins until Easter, when, according to schedule, it will carry out, according to schedule, a capital increase of 490 million euros. Funds to liquidate its red portfolio – €300m of it will be earmarked for this – but the big question is what other needs will arise from cost of sales and other measures to reduce NPEs, from 66% today, to 6% and even lower.

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