Attica Bank successfully completed "Domus" and "Rhodium" transactions, which involve the securitization of two NPE portfolios with a total gross book value of c. €3.7 billion, following the receipt of all necessary approvals, including the provision of the State Guarantee on the Senior notes (“HAPS III”).
Attica retains 100% of the Senior notes of both securitisations (c.€1.2bn in total), as well as 5% of the Mezzanine and Junior notes, selling the remaining 95% of the mezzanine and junior notes to an entity advised by Davidson Kempner Capital Management LP, while the servicing of both portfolios has been assigned to Cepal Hellas.
Domus and Rhodium represent two landmark transactions and a decisive step for the Bank to clean-up its balance sheet and deliver a 2.8% NPE ratio. The Bank’s clean balance sheet combined with the adequacy of its own funds following the recent share capital increase allow the Bank to focus on financing the Greek Economy.
Attica Bank’s Chief Strategist, Vangelis Kanelis mentioned: “These transactions, underscore our commitment to addressing legacy challenges and aligning with the broader objectives of the Greek banking sector to reduce NPEs. The successful completion of the securitizations is a milestone that represents a significant achievement in our ongoing efforts to strengthen our balance sheet, enhance asset quality, and position the Bank for sustainable growth in the years to come. We will continue to focus on operational excellence and customer-centric solutions and we are confident that the steps we have taken will enable us to better serve our customers and support economic development.”
UBS Europe SE acted as financial advisor, while the law firms Milbank LLP and Hogan Lovells LLP as international legal counsels and Potamitis-Vekris law firm as local legal counsel to the Bank.
Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and more than 500 employees across seven offices, while it has approximately $37 billion in assets under management.