Stefanos Kassilakis ‘hunts’ for Attica Bank deal

Stefanos Kassilakis made a scathing comment on the impending merger of Bank of Attica with Bankkretia, putting forward a simple mathematical exercise.

It is worth noting that the merger will create the fifth largest bank in Greece, which will nevertheless pass into private hands. Although the state will finance it with about 800 million euros, which is 2.5 times the money financed by individuals, it will lose the majority.

According to information from iEidiseis.gr, the entire project is subject to the approval and sponsorship of Megaros Maximos and has received the “green light” from the Prime Minister’s Office.

“Yannis and George are partners in a company in Attica. Giannis pays in three installments of 800 euros and George in two installments of 300 euros. What percentage does John own? What percentage does George own,” the Syriza leader wrote in his post on X, posing a simple mathematical problem.

{https://twitter.com/skasselakis/status/1811333290483232907}

“Monotheism” with the seal of Maximus

The consolidation of Attica Bank began in 2021 with a capital increase to which the state contributed EUR 153 million and in 2002 another EUR 370 million. Private shareholders of Thrinvest also participated in the second capital increase, in which Dimitris Bakos, Yiannis Kaymenakis and Alexandros Exarchou, who in the previous increases paid a total of EUR 63.7 million and are the main shareholders of Bankkritia, participated.

The issue came to the fore after Attica Bank announced that its shareholders had reached an agreement to merge the latter with Bankkretia and unify it by subjecting red loans to public guarantees (with Heracles 3 scheme).

According to the information, the agreement will be completed by a third capital increase, with the state contributing another 300 million euros and individuals another 240 million euros, but after the share swap, private shareholders will find themselves with 51% of the now unified bank, while the state’s share will be limited to 33%.

In other words, the state, although it will pay 2.5 times more money than the private sector, will be in the minority. And not only that, the bank will be completely cleaned up, as the “red loans” will be transferred to special funds and services, which, in fact, will receive them at half the price and with a state guarantee, as was done with the “red loans” of systemic banks.