Eurobank, one of four systemic lenders in Greece, on Wednesday announced an agreement to purchase an additional 17.3-percent stake in Cyprus-based Hellenic Bank. The cited consideration is 167.9 million euros.
ATHEX-listed Eurobank already holds a 29.2-percent stake in Hellenic Bank, which previously fielded a retail banking presence in Greece. Upon completion and approval of the transaction, Eurobank’s stake in Hellenic Bank will reach 46.5 percent.
Eurobank, Greece’s largest lender by market value, will purchase the Hellenic Bank shares from Poppy S.à.
In a press release, the Greek lender announced that it will make a mandatory tender offer for all outstanding securities of the Cypriot lender that it does not already possess, according to relevant legislation regarding the majority control of listed companies.
“The acquisition is aligned with the overall strategy of Eurobank Group to further strengthen its presence in its core markets,” the bank stated.
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