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
Bank of Greece Governor Says EU will Retaliate to Trump’s Tarrifs
The Bank of Greece Governor defended the independence of central banks amid criticism from U.S. President-elect Donald Trump, who had publicly commented on Federal Reserve Chair Jerome Powel
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents
Thousands Strike in Athens Over Soaring Living Costs and Stagnant Wages
Inflation, particularly in food prices, has been crushing Greek households
Greece Overhauls Property Valuation System
Greece plans to launch a revamped property value registry in 2025 and overhaul the way objective values are calculated to enhance tax revenue and improve transparency.
Greece’s New Tax Bill Foresees Tax Relief Beyond Big Business
Tax relief measures in Greece are proposed for freelancers, property owners and farmers, along with 'big business'
Unions Call Nationwide Industrial Strike for Wed.
Mass transits are usually affected, especially in the greater Athens-Piraeus area, although bus and metro services are curtailed but not fully halted
![Τουρισμός: Πάνω από 5 εκατ. αφίξεις σε καταλύματα τον Σεπτέμβριο [γραφήματα]](https://www.ot.gr/wp-content/uploads/2021/10/katalymata-90x90.jpg)
