x

Economy

Thrivest Seeks to Build Greece’s Largest Non-Systemic Bank

According to Bloomberg “investment company Thrivest Holdings Ltd. Is planning to create Greece’s largest nonsystemic lender, filling a gap in the country’s banking market that’s shut many companies off from financing.”

Paul Tugwell and Sotiris Nikas note in their article that, “Thrivest has agreed to participate in Attica Bank SA’s upcoming capital increase, which will lead to a merger with Pancreta Bank SA, Alexandros Exarchou, one of the investment firm’s founders, said in an interview.”

He notes that will lead to “the creation of Greece’s fifth banking pillar” to complement the country’s four largest banks, adding that, “the benefit of having a fairly big non-systemic bank without systemic restrictions is that we’ll be able to facilitate what is currently lacking in the Greek market – banking facilities for small and medium enterprises.”

Exarchou, who is 56 years-old “is one of Thrivest’s three owners, and he’s also chief executive officer of Greek construction group Intrakat.” Exarchou told Bloomberg that the Bank of Greece, the European Investment Fund and European regulators are pleased with the plans.

Exarchou explained that, “while smaller companies are the core of the Greek economy, they currently find it very difficult to secure financing from the country’s principal banks.”
Bloomberg reports that “Exarchou founded Thrivest along with Dubai-based Greek shipowners Dimitris Bakos and Ioannis Kaimenakis. They have set up vehicles to invest in sectors of the Greek economy including banking and renewable energy. In 2022, the three acquired the largest stake in Intrakat following a capital increase, gaining a holding of almost 32% as they targeted the company’s renewable energy portfolio.”
The three men are the biggest shareholders in Pancreta “and have said they plan to buy another 10% stake to lift their total holding in the lender to 44%. In March of last year, Pancreta agreed to buy HSBC Holdings Plc’s 15 Greek branches.

After the Attica-Pancreta merger “another capital increase will be necessary,” Exarchou said, and Bloomberg elaborates that “shareholders including Thrivest will participate equally in the second increase to create a new bank which will then be listed.”

The Bloomberg piece notes also that, “before committing to participate in the Attica capital increase, Thrivest needs current shareholders to commit to ensuring that ‘Attica’s past is over,’ with sufficient funds ‘to clean up the slate of the past and for all legacy issue to die.’”

“There may also be a need for additional funds depending on how Attica handles its so-called red-loan packages, he said,” the article concludes.

(Material from Bloomberg was used in this article)

RELATED

ATHENS - The politically volatile European Parliament elections, a time during which no candidate wants to make waves, has led to Greece temporarily setting aside development of wind farm projects that had been viewed as essential to developing sustainable sources.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

If an uninformed person had attended the Mitsotakis-Erdogan press conference a few days ago in Ankara, s/he could have come to the conclusion that the meeting was planned in order to discuss whether Hamas is a terrorist or a patriotic organization.

As part of a club documentary offering an inside view of his final days at Liverpool, Jurgen Klopp was asked by the filmmakers to stand alone on The Kop one afternoon and gaze out around Anfield.

ABU DHABI, United Arab Emirates (AP) — In 2018, Chad McGehee opened Side Hustle Brews and Spirits, an Abu Dhabi-branded brewery and distillery with funky camels on its cans and playful names familiar to anyone living in the United Arab Emirates.

THE HAGUE, Netherlands (AP) — Israel strongly denied charges of genocide on Friday, telling the United Nations’ top court it was doing everything it could to protect the civilian population during its military operation in Gaza.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.