Anthimos Thomopoulos joins forces with the former Head of Barclays, Bob Diamond, aiming at turning former Credicom into an important actor in the sector of restructuring of businesses.
Atlas Bank, as Credicom Consumer Finance will be renamed, was acquired against 10 million EUR by foreign fund Atlas Capital, and a capital increase of 100 million EUR by Atlas Capital will follow, while other investors are going to provide the additional amount of 200 million EUR.
The scheme, head of which is Anthimos Thomopoulos and deputy CEO Anastasia Sakellariou, is going to focus on the restructuring market, which will bloom in the coming period. According to the Financial Times, this deal gives Bob Diamond the option to enter the Greek market and exploit the opportunities emerging from red loans, since, per his statements, there are significant investment opportunities in the European financial market.
The businesses which are in any case viable are going to be financed either directly or through the restructuring of the business’s loans, on the condition that this is considered viable. The bank will provide funds of 5-10 million EUR while, subsequently, other investors attracted by Atlas will also participate.
This is a field with high potential, since Greek banks have difficulty in financing businesses; this constitutes the competitive advantage of a new bank not having the burdens caused by the extended financial crisis.
The deal for the acquisition of Credicom Consumer Finance, between Credit Agricole and Atlas Capital, was signed on Tuesday, 21 February 2017. This deal constitutes the last chapter of the French bank’s exit from Greece, big part of which had taken place already during the Greek debt crisis of 2012, when it sold Emporiki against only 1 EUR, the bank that it had bought six years before against 2.2 billion EUR.
Credicom Consumer has funds of 30 million EUR, while, per our information, Atlas Capital is reported to be one of the potential contenders of the National Bank’s subsidiary in Cyprus. Atlas Capital was founded in March 2006 and manages funds of 2.5 billion USD.