Eurobank further increases its share in Hellenic Bank to 48.1%

11:53 - 25 August 2023

Financial Services

Eurobank has increased its stake in Hellenic Bank to 48.1%, after announcing that it has entered into an agreement with Senvest Management LLC to acquire a 1.6% stake in Hellenic's share capital.

The agreement was announced two days after an agreement with Pimco to acquire 17.3% of the second-largest bank of Cyprus.

"Following the August 23 announcement, Eurobank SA announces that it has entered into a share purchase agreement (SPA) with Senvest Management, LLC, through which Eurobank has agreed to acquire a 1.6% interest (6,587,676 shares) in the Greek Public Company Bank for a total consideration of €15.5 million, corresponding to €2.35 per share, which may be adjusted depending on the date of completion of the transaction and the terms of the subsequent public offer," says Eurobank's announcement today.

It is noted that the transaction price of €2.35/per share is the same as the corresponding agreement with Pimco.

It is recalled that based on the provisions of the Law on Public Offers of the Republic of Cyprus, after the completion of the transaction, Eurobank will make a mandatory Public Offer for all Hellenic Bank shares that will not belong to them at that time.

It is noted that these transactions are subject to supervisory controls by both the Central Bank of Cyprus and the European Central Bank.

(Source: InBusinessNews)

Eurobank further increases its share in Hellenic Bank to 48.1%

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