NEW € 30 MILLION VENTURE CAPITAL
FUND FROM BANK OF ATTICA AND THE NEW ECONOMY DEVELOPMENT
4 March 2003
The procedures for establishing the ZAITECH FUND,
a Venture Capital Fund, have been completed with the
signing of the incorporation and management agreement.
Investors in the ZAITECH FUND will be Bank of Attica
(€ 15 million) and the New Economy Development Fund
(€14,999,900) while the fund will be managed by Attica
Ventures. Attica Ventures is a subsidiary of Bank
of Attica and was established for the sole purpose
of managing such funds.
It should be noted that Bank of Attica is the first
Greek bank to participate in a venture capital fund
and establish a specialized subsidiary to manage it
in line with the provisions of Greek Law 2992/2002.
The Chairman of the Bank of Attica, Mr. K. Stamoulis,
stressed that the new fund aims to invest in a satisfactory
number of companies from a range of sectors, primarily
from among SMEs (in start up or early development)
with a distinct competitive advantage and which are
preferably involved in cutting-edge sectors such as
telecommunications, IT, energy, e-commerce, biotechnology
and new materials. The fund is also interested in
companies from the entire range of productive activity
(existing or to be established) whose competitiveness
is founded on technology applications, innovation
and scientific research.
FROM THE ATTICA VENTURES PRESS OFFICE