The reorganization of the board of directors of Attica Bank was approved, with Mrs. Eleni Vrettou assuming the duties of managing director from September 16, replacing the interim managing director Mr. Michalis Andreadis who had been appointed to this position since February, as capital had published. Gr.
According to information from Capital.gr, the new administration will request an extension for the submission of Attica Bank’s business plan and capital plan, as the deadline it received at the end of July expires on September 2.
By then, it is expected that DBRS will also have informed about the evaluation results of the securitized Omega loan (1.3 billion). It has already delivered the results for the Astir 1 and Astir 2 securitizations of approximately €700 million. These evaluations will determine the amount of additional losses that the shareholders will be asked to manage and cover with capital increases, beyond the scheduled 365 million euros.
The approval of the increase is expected at the end of September to the beginning of October and to have taken place by the end of the year or the beginning of the next. The remaining capital needs will probably be covered in parts until 2024, with the private scheme of Ellington -TMEDE having again taken the majority of the shares (currently 25% compared to 63% held by the HFSF).
The new extension was deemed appropriate by the new management as the duties of the new managing director start from mid-September. Bank of Greece and SSM are reportedly set to grant a new extension, however, highlighting the time pressure as the Bank’s three red-chip securitizations will have to be joined by Hercules which expires in October. The Ministry of Finance, according to information from Capital.gr, is not currently considering an extension of Herakles.
Mrs. Vrettou has more than 20 years of experience in banks in Greece and abroad, specializing in the corporate and investment banking sectors and has significant experience in corporate transformations and in the management of Non-Performing Exposures.
During her banking career, she has made a decisive contribution both to the formation and implementation of strategic development in the financing of critical sectors of the economy, as well as to the strategic financing of transactions adopting the principles of ESG and corporate responsibility.
Following the above election, the Board of Directors of Attica Bank was reconstituted as follows:
– Konstantinos Makedos of Georgiou, Chairman of the Board of Directors, Non-Executive Member
– Avraham (Minos) Moses of Esdras, Vice-President of the Board of Directors, Non-Executive Member, Representative of the Financial Stability Fund
– Eleni Vrettou Christou, Managing Director, Executive Member
– Irini Maragoudakis of Ioannis, Authorized Executive Advisor, Executive Member
– Alexios Pelekis of Dionysios, Non-Executive Member
– Markos Koutis of Nikolaou, Non-Executive Member
– Dieter’s Patrick Horend, Non-Executive Member
– Chariklia Vardakari of Nikolaos, Independent Non-Executive Member
– Ioannis Zografakis tou Georgiou, Independent Non-Executive Member
– Emilios Giannopoulos of Polykarpos, Independent Non-Executive Member
– Grigorios Zarifopoulos of Dionysios, Independent Non-Executive Member.
The Managing Director, Mrs. Vretto, will assume her duties from 16/09/2022.
The President of Attica Bank, Konstantinos Makedosstated:
“On behalf of the Board of Directors of Attica Bank, I would like to welcome Mrs. Eleni Vrettou to Attica Bank and declare our certainty that with her administrative skills and significant banking experience she will make a decisive contribution to the new page that is being opened for the Bank to benefit of customers, shares and the Greek economy. Finally, I express our thanks to the late CEO, Mr. Michalis Andreadis for his contribution to the bank at an important juncture”.
For her part, the new Managing Director of Attica Bank, Mrs Eleni Brettou stated:
“It is a great honor and pleasure for me to assume my duties as CEO of Attica Bank. I join the management team of Attica Bank with a sense of responsibility towards the trust shown in me by the shareholders and the Board of Directors of the Bank, the institutions and supervisory bodies and fully aware of the task we are called to perform for the benefit of the Bank’s customers, employees, investors and shareholders.We are committed to implementing a strategic plan, which will ensure both the consolidation and sustainable development of Attica Bank through the essential support of the Greek economy. I would like to thank the shareholders and the Board of Directors of the Bank, as well as Mr. Andreadis for his contribution to the course and development of Attica Bank so far.”
Who is Eleni Vretto?
Eleni Vrettou has more than 20 years of experience in banks in Greece and abroad, specializing in corporate and investment banking.
She held the position of Senior General Manager – Chief of Corporate and Investment Banking at Piraeus Bank Group, while previously she had worked for 14 years at HSBC Bank Plc in Greece and Great Britain. Her most recent role at HSBC was that of Managing Director and Head of Wholesale Banking Greece, while earlier she was HSBC’s Head of Multinationals and Business Development for the CEE, CIS, Mediterranean and Sub-Saharan Africa regions. Until recently he was Chief Strategy and Investor Relations Officer at Lamda Development.
He has significant experience in corporate transformations and in the management of Non-Performing Exposures, as well as in the systematic development of parallel operations in investment and transaction banking and the Development Programs. Before HSBC he had worked for Greek and international Financial Organizations, in Athens and New York, in the fields of Credit and Risk Management and Investment Banking (M&A).
Between the years 2019 and 2021 he served as Chairman of the Board of Directors. of Piraeus Factors SA, Piraeus Leasing and Piraeus Leases, as well as a member of the Board of Directors. of ETVA VIPE. He is an independent non-executive member of the Board of Directors. of the company Star Bulk Carriers Corp, as well as an independent non-executive member of the Board of Directors. of the company MOTODYNAMIKI S.A.
Ms. Brettou holds a Bachelor of Science in Economics from the Wharton School of the University of Pennsylvania.
Source: Capital
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