Bernitsas Law is acting as legal counsel to Pancreta Bank in connection with its investment in Attica Bank, along with Thrivest Holding Ltd and the Hellenic Financial Stability Fund. This investment is realised in the context of Attica Bank's c.€473 million equity capital raising, aiming to strengthen Attica Bank’s regulatory capital ratios and address the challenges deriving from its portfolio of non-performing exposures.
The transaction also aims to facilitate the proposed subsequent merger of Pancreta Bank and Attica Bank targeting the creation of the fifth 'banking pillar' in Greece. The relevant investment agreement was signed on 20 April 2023 and the capital raising is expected to complete by 30 April 2023.
Managing Partner Panayotis Bernitsas, Partner Nikos Papachristopoulos, Counsel Maria Nefeli Bernitsa, Senior Associate Sofia Kontou and Associate Kelly Hatzigaki advise Pancreta Bank on this transaction.