Eurobank officially becomes majority shareholder in Hellenic Bank

Eurobank has officially become the majority shareholder in Hellenic Bank with a 55.9% stake, paving the way for full consolidation, which will create a regional banking group with €100b balance sheet.

In an announcement, Eurobank said that the procedure for the acceptance of the mandatory Takeover Bid for the acquisition of up to 100% of the issued share capital of Hellenic Bank Public Company Limited, which it submitted back in June, was completed on 30 July.

On 4 June 2024, the date Eurobank submitted the mandatory Takeover Bid, it directly held 228,253,661 shares in Hellenic Bank, representing 55.29% of the latter’s total issued share capital. No shares were held by any persons considered by the Law as acting in concert with Eurobank, and there were no indirect holdings related to Eurobank, it said.

During the period of the Takeover Bid, from 4 June 2024 to 30 July 2024, Eurobank acquired 776,364 additional shares, representing 0.19% of the issued share capital of the Target Company, at the price of €2.56 per share, through purchases made during trading sessions. Of these, 31,959 shares (0.01% of the issued share capital) were held by investment funds managed by Senvest Management LLC.

Based on the preliminary results, the total acceptance rate of the Takeover Bid reached 0,405%, as Acceptance and Transfer Forms were submitted for 1,670,975 shares of the Target Company.

The total acceptance rate, combined with the 55.481% (229,030,025 shares) directly held by Eurobank at the expiry of the Takeover Bid, provides the banking group with a total direct participation of 55,886% (230,701,000 shares) in the issued share capital of the Target Company. It is noted that the final acceptance rate may change if during the final review of the Acceptance and Transfer Forms, and the accompanying required documents, it is found that data is missing or erroneous, and therefore, cannot be accepted.

According to the terms of the Takeover Bid and pursuant to the provisions of Article 10(1) of the Law, since Eurobank held more than 50% of the voting rights of the Target Company, the Takeover Bid is considered successful.

Axia Ventures Group and The Cyprus Investment and Securities Corporation Limited (“CISCO”) are acting as advisors to Eurobank in connection with the Takeover Bid. Additionally, CISCO is acting as the Underwriter Operator pursuant to the provisions of RAA 96/2008 (as amended) of the Cyprus Stock Exchange, the announcement concluded.