Eurobank eyes public offering for majority stake of Cyprus’ Hellenic Bank

Greek lender Eurobank is reportedly ready to acquire a majority stake in Cyprus-based Hellenic Bank, according to a report in the Cypriot website Stockwatch.

The specific report claims that ATHEX-listed Eurobank is ready to table a public offer to all Hellenic Bank shareholders to acquire a majority of the Cypriot credit institution, the second biggest systemic bank on the eastern Mediterranean island republic.

Eurobank’s subsidiary on Cyprus is the third biggest lender on the island.

Eurobank will need to control 30 percent of Hellenic Bank’s share capital in order to table a public offering towards other shareholders, something that in fact, under Cypriot banking law, is obligatory if one shareholder acquires 30 percent or more of voting shares.

Assuming regulatory authorities on Cyprus approve of recent strategic moves by Eurobank, then the latter will have reached 29.2 percent.