Attica Bank - Balance sheet repair nears completion
Through the Artemis and Metexelixis securitisations, Attica’s exposure to impaired loans has reduced significantly and now compares favourably with the larger Greek banks. Management forecasts common equity Tier 1 to increase from 12.2% to 13.2% at year end, representing significant headroom over regulatory requirements. Management will now move to the next stage of recovery, right-sizing the cost base and shifting the group’s focus to the small and medium-sized enterprise market. Q3 results provide evidence of tight cost control and declining impairments. With Attica trading at 0.18x tangible book value, investors are taking nothing on trust.Attica Bank SA is a Greece-based banking and financial institution. The Bank offers a range of banking and financial products and services: private and corporate banking services, e-banking, automated teller machine (ATM) services, leasing, factoring, asset management and brokerage services. In the private banking area, it offers savings, privilege current and time accounts, mortgages, insurance products, consumer and housing loans, and a range of credit cards. In the corporate banking area, the Bank offers time and foreign exchange accounts for companies, short- and long-term loans and advances, loans for the acquisition of business premises and letters of guarantee for various purposes. The Bank's other services include capital market and mutual fund services, as well as fixed orders, money transfers, imports and exports, pension payments and safe boxes. It has six subsidiaries and operates a network of 80 branches in Greece.
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