Attica Bank Seeks International Investor

The Hellenic financial institution is the fifth Greek bank to solicit global markets to alleviate a capital hole, as Attica Bank confirmed today.  Attica Bank will distribute new shares to generate approximately 320 million euros, that is over twice its present market worth. The offerings will assist a 397 million capital requirement, as revealed in a central bank test administered two months ago.

The Bank's largest competitors Eurobank, National Bank of Greece, Piraeus and Alpha Bank have also facilitated worldwide invetstors via equity offerings since this March, that gained a total of 8.3 billion euros to uphold capital holes.  Attica Bank is the sole Hellenic monetary institution that has not accessed the Hellenic Financial Stability Fund due to the financial crisis; the nation's bank bailout fund.

The Bank is 51% owned by TSMEDE and has hired Clayton, UBS and Price Waterhouse Cooopers to determine an appropriate international investor, as confirmed by Attica Chairman Yannis Gamvrilis, according to Kathimerini. Gamvrilis stated to reporters: "The bank will maintain its autonomous course, the main shareholder TSMEDE will support the cash call".