Petros Christodoulou: Multiple benefits from Eurobank’s acquisition of Hellenic majority stake

13:29 - 18 September 2024

Companies

Hellenic Bank (HB), with its abundance of liquidity, is primed to finance the Cyprus economy, according to Petros Christodoulou, Chairman of the bank’s Board of Directors, who also said Eurobank’s acquisition of a majority stake in Hellenic will have multiple benefits.

Addressing HB’s AGM of shareholders in Nicosia, Christodoulou said that despite the challenges, 2023 was a good year for the bank, seeing it achieve remarkable results. As he said, there was a record number of fresh loans while the NPE ratio dropped to 2.5%.

Referring to the milestones reached since the beginning of 2024, Christodoulou stood specifically at Eurobank’s acquisition of a majority share package in Hellenic. He also mentioned the acquisition of CNP, which made HB the biggest insurance provider in Cyprus, as well as the renewal of the bank’s collective agreement with staff following a mediation of the Labour Ministry.

Interim CEO Antonis Rouvas, in turn, said HB’s financial results for 2023 prove that the bank’s business model works.

Objections from Demetra Investment

During the AGM, shareholders had the opportunity to share their views and raise questions about the issue of dividends.

Speaking on behalf of Demetra Investment, which is HB’s second largest shareholder, Stelios Charalambous said the company objected the participation of a Eurobank affiliate joining the bank’s Board of Directors, adding that Demetra will not be supporting the candidacy of Michalis Louis - CEO of Eurobank Cyprus – for the position of CEO at Hellenic.

The AGM wrapped with the shareholders’ vote to elect a new Board of Directors.

Petros Christodoulou: Multiple benefits from Eurobank’s acquisition of Hellenic majority stake

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