Ellington Management Group will reportedly fully withdraw from Greece-based Attica Bank’s share capital, with the former’s 8-percent stake to be resold to the Greek Engineers and Public Works Contractors Fund (TMEDE), and a potential new primary shareholder, which by all accounts will be Thrivest Holdings.
Ellington’s head of operations in Greece on Thursday resigned from the ATHEX-listed lender’s board of directors.
The development is interpreted as opening the way for a 473-million-euro share capital increase by Attica Bank, with the Hellenic Financial Stability Fund (HFSF) expected to participate with 300 million euros; Thrivest with 100 million euros and TMEDE with 60 million euros.
An audit of the bank’s finances is already underway by Thrivest auditors.
Given that the latter is the primary shareholder in another Greece-based non-systemic bank, Pancreta Bank, a successful share capital increase is expected to lead to a merger of the two.
Pancreta Bank has already purchased HSBC’s operations in Greece, and with a successful merger, the new credit institution to emerge will be the fifth largest in the country, based on assets.
