Fiera Capital (UK) Limited announces backing of Greece’s Attica Bank as part of recapitalisation
LONDON, 16 October 2024 – Fiera Capital (UK) Limited (“Fiera” or “the Company”), the UK division of Fiera Capital Corporation, a leading independent asset management firm with over US$116.1 billion AUM as at 30th June 2024, announces its commitment to participate in the recapitalisation of Attica Bank with an investment of €12 million on behalf of some of its funds. This marks a significant milestone in the turnaround of the Greek banking sector. Fiera’s participation will be effected through the subscription of unsubscribed shares in Attica Bank’s ongoing share capital increase.
Attica Bank’s ongoing recapitalisation, which totals up to €735mn, represents the last major restructuring of systemwide Non-Performing Exposures (NPEs) through Attica Bank’s “Hercules III” programme. Led by industry grandee Eleni Vrettou, CEO, Attica Bank and long-term shareholder Thrivest, the recapitalisation is expected to provide the necessary capital reinforcement and coverage to support the challenger bank’s operational merger with Pancreta Bank, a former Greek cooperative bank founded in 1993.
Commenting on the recapitalisation, Vijay Singh, Portfolio Manager, Public Markets at Fiera Capital (UK) Limited, said: “Attica Bank and its best-in-class management team have made impressive progress over the past two years, executing a comprehensive business plan that has resulted in a pristine balance sheet with exceptional asset quality.
The exciting path forward, post-recapitalisation, involves meeting the credit demands of one of the most dynamic and fastest-growing sectors of the Greek economy. It is a privilege to share in Attica Bank’s success and solid trajectory within the Eurozone, where as a challenger Attica Bank leverages its entrepreneurial agility to develop exceptional products.
In that vein, Fiera is committed to supporting Attica Bank in its mission to drive economic growth and innovation in Greece. We believe that the prospect of this strategic investment will not only strengthen Attica Bank’s market position, but also contribute to the broader economic development of the region.”
ENDS
About Fiera Capital Corporation
Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia. Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.
Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), and Hong Kong (SAR).
Each affiliated entity (each an “Affiliate”) of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to an exemption from registration and/or the relevant product is registered.
Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital’s affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions.
Additional information about Fiera Capital, including the Company’s Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.
About Attica Bank: Attica Bank is a prominent financial institution in Greece, committed to providing high-quality banking services and fostering economic growth. With a strong focus on customer satisfaction and innovation, Attica Bank is poised to become a leading player in the Greek banking sector.
Disclosure
The information presented is for informational purposes only and is not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any investment product. The information presented in this document, in whole or in part, is not investment, tax, legal or other advice, nor does it consider the investment objectives or financial circumstances of any investor.
This document may contain “forward-looking statements” which reflect the current expectations of Fiera Capital and/or its Affiliates. These statements reflect current beliefs, expectations, and assumptions with respect to future events and are based on information currently available. Although based upon what Fiera Capital and its affiliates believe to be reasonable assumptions, there is no guarantee that actual results, performance, or achievements will be consistent with these forward-looking statements. There is no obligation for Fiera Capital and/or its Affiliates to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.