July 23, 2021
Eurobank SA (‘Eurobank‘), a subsidiary of’ Eurobank Ergasias Services and Holdings SA ‘(Eurobank Holdings), announces the acquisition of a 9.9% stake (40,800,000 shares) in Hellenic Bank Public Company Limited (‘Hellenic Bank‘).
It also announces the conclusion of a share purchase agreement (‘SPA‘) with Third Point Hellenic Recovery Fund LP, for the acquisition of an additional 2.7%, subject to all customary regulatory approvals. Consequently, after completion of the SPA, Eurobank’s stake will amount to 12.6%.
Hellenic Bank is the second largest financial institution in Cyprus, engaged in personal, commercial and international banking services. The investment is aligned with the overall strategy of the Eurobank Group aimed at further strengthening its presence in all the key markets in which it retains a strategic interest. Having a good knowledge of the local market, through its 100% subsidiary Eurobank Cyprus Ltd., and taking into account the positive outlook for the Cypriot economy, Eurobank is convinced that Hellenic Bank, with its management, its capital structure and its customers loyal, is well positioned to capitalize on prospects and take advantage of future opportunities. In this context, Eurobank looks forward to close cooperation with the rest of the shareholders and the board of directors of Hellenic Bank and is committed to making a constructive and positive contribution in this direction.
Axia Ventures Group acted as financial advisor to Eurobank in connection with the transaction while Milbank LLP provided legal advice.
Eurobank Ergasias Services and Holdings SA published this content on July 23, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on July 23, 2021 06:37:05 AM UTC.