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Greek Attica Bank to merge with Pancretan bank

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ATHENS, July 8 (Reuters) -Attica Bank BOAr.AT, Greece's fifth largest lender, announced on Monday an initial agreement to merge with the smaller Pancretan Bank in an effort to clean up its balance sheet and create a new banking organisation.

The new entity will conduct later this year a capital boost that will be used to cover its capital needs and reduce its non-performing loan exposure.

"The two shareholders confirmed that an agreement in principle on a commonly accepted basis had been reached," the bank said in a statement, without providing more details

The Greek banks bailout fund, the Hellenic Financial Stability Fund, owns 72.5% of Attica, with Pancretan holding 5%, Thrivest Holding 4.4% and pension funds about 10%.

Reporting by Lefteris Papadimas, Editing by Louise Heavens


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