Eurobank announced the acquisition of 13.41% in Hellenic Bank, for 70 million euros. The acquisition is subject to regulatory approvals and will be completed after they are fully met.
According to a relevant announcement, Eurobank Bank SA , a subsidiary of “Eurobank Ergasias Services and Holdings SA” , announces the conclusion of a share purchase agreement (“SPA”) with Wargaming Group Limited, based on which, Eurobank agreed to acquire a 13.41% stake (55,337,721 shares) in Hellenic Bank Public Company Ltd (“Hellenic Bank”) for a total price of €70,000,000.
Wargaming remains shareholder
Essentially, the Greek group acquires 13.4% of Wargaming, which remains a shareholder in the bank with a percentage of around 6.8%.
This is a move that consolidates the presence of Eurobank in the Cypriot economy, as in addition to Hellenic Bank, it operates in Megalonis with great success through the subsidiary of Eurobank Cyprus, which specializes in business credit.
Approvals
The acquisition is subject to regulatory approvals and will be completed upon full satisfaction. Until then, Wargaming Group Limited will continue to retain full legal and beneficial ownership of the shares for sale and all rights arising therefrom.
Eurobank already owns 12.59% of Hellenic Bank and therefore, after the completion of the transaction, its participation will rise to 26.0%.
This investment is in line with the Eurobank Group’s strategy to further strengthen its presence in the key markets, in which it maintains a strategic interest and is a vote of confidence in the positive prospects of the Cypriot economy.
The profits
Hellenic Bank achieved nine-month profits of €76.4 million, mainly reflecting improved revenue performance and the reversal of certain impairment losses.
New loans in this period reached 800 million euros, recording an increase of 30% compared to the nine months of 2021.
Financing sectors such as health, education, energy, technology, hospitality, transport and shipping remain a high priority for the bank.
In addition, the implementation of its three-year transformation plan has begun, with the aim of addressing structural challenges, unlocking all the bank’s potential and achieving sustainable profitability.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Layoffs in Greece on Par with Hires for September: ERGANI
The data is expected as the country's tourist season ended, resulting in an upswing in the number of employees departing as thousands of seasonal workers are left out of the job market
International Xinomavro Day: Honoring Greece’s Premier Grape on November 1st
This initiative was met with an enthusiastic response across Greece and has since been embraced internationally.
Greek Fin. Min. Hatzidakis: Tax Reductions Planned for 2025-2027
“We want to further reduce taxes, not because we want to be agreeable, but because we can,” said the minister.
Athens Metro Extends Weekend Hours to 2 a.m. on Lines 2 and 3
As part of the Strategic Transport Plan, the Athens Urban Transport Organization (OASA) is also preparing significant changes to city bus routes, set to be completed by May 2025.
Greece Needs Reforms for Ratings Upgrade
Fitch is expected to release its evaluation of the Greek economy on Nov. 22, with a possible scenario being an upgrade of the economy from “stable” to “positive”
EFKA Overhaul to Enable Online Access to Social Security Info
Greece's pension and social security system has been so bureaucratic and complex that some citizens hire consultants simply to understand their work credits and benefits.
Greek Authorities Issue Safety Tips After Spike in ‘Phishing’ Scams
According to the Ministry's announcement, unsuspecting citizens were being urged to visit a specific website to check for their so-called "unclaimed benefits"
Greek Construction: €5.3bln Investment in 4 Years, Says Alpha Bank Report
Alpha Bank underlines that despite these drawbacks, the construction building sector has shown positive performance since the beginning of the year, maintaining the growth trajectory of recent years
Faliro Delta Park Set for Construction After Securing Funds
The 54-hectare park to be constructed on the coastal front in Faliro near Athens is scheduled to be handed over to the public by 2028
PM Mitsotakis Inaugurates Modern AADE Headquarters
He also stressed that his government is in an ongoing “fight” against tax evasion, emphasizing that “As tax evasion decreases, we will proceed with further tax reductions
