Change of the guard at Credicom, but plan remains the same

Anastasia Sakellariou, former head of the Hellenic Financial Stability Funds, is to become CEO of Credicom, according to sources. Ms Sakelllariou will replace Mr Anthimos Thomopoulos, who apparently is abandoning the venture.
According to our sources, the changes will not affect the plan of the major investment undertaken by Atlas Merchant Capital in Credicom aimed at transforming it into a bank specializing in restructuring corporations. For Bob Diamond, the CEO of Atlas – an investment fund specializing in long-term investments in the financial sector – the completion of the capital increase of Credicom and the success of the whole exercise is a priority. The objective is that foreign funds and investors will participate in the capital increase, while Atlas will cover a large part of the increase, taking part as a strategic investor. All necessary licenses and permits have been obtained from the Greek government and the SSM for the transformation of the bank have already been obtained. The bank will be restructuring troubled companies by purchasing part of their non-performing loans as well as aiding them with new capital. At the same time it will facilitate the entry of strategic investors who will provide capital and take part in the restructuring and management of the companies.
It is worth noting that today the non-performing exposures of corporate loans represent 44.7% of the total, or 41.7 billion euro. It is estimated that 50-60% of these have a positive EBITDA (profits before taxes, interest and depreciation) and, if properly handled (capital injection, long-term refinancing of obligations and strengthening management) can be saved and become profitable.
It should be noted that among the members of the board of Atlas Merchant Capital are Corrado Passera – former CEO of the Italian bank Intesa Sanpaolo, who has also served as cabinet minister in Italy – and Michalis Koutounas, executive officer of QInvest investment bank, based in Qatar,