A draft bill foreseeing the merger of mostly state-owned Attica Bank with Pancreta Bank was ratified by majority vote in Parliament on Thursday evening. Voting in favor were deputies of ruling New Democracy (ND) and the lesser opposition PASOK party.
The merger-cum acquisition of non-systemic Attica Bank by Pancreta Bank is part of an agreement between the latter, and specifically its holding company, Thrivest Holding Ltd., and the Hellenic Financial Stability Fund (HFSF), which controls a majority of Attica’s share capital.
All of the other opposition parties voted against the draft bill.
In response to a question by a rapporteur for the leftist Plefsi Eleftherias party, Economy and Finance Minister Kostis Hatzidakis said JP Morgan conducted due diligence on behalf of HFSF for Attica Bank, and not Pancreta, “as the state is a shareholder in the latter”.
