Demetra Holdings set to claim a presence on new Hellenic Bank board with Athos Chandriotis

Demetra Holdings, currently Hellenic Bank’s second-largest shareholder with a percentage of 22.33%, is closely following the acquisition of the majority of the Bank’s shares by Eurobank and looks set to seek a place on the new Board for its CEO Athos Chandriotis.

As stated in the Interim Condensed Financial Statements for the first half of the year, which it published through the Cyprus Stock Exchange, "on 31 July, 2024, the Public Offering of Eurobank S.A. was completed for the acquisition of the share capital of Hellenic Bank Public Company Ltd. Upon completion of the Public Offering, Eurobank S.A. owns 55.962% of the share capital of Hellenic Bank Public Company Ltd".

On 8 August, 2024, it is added, Marios Maratheftis, a person associated with the Group, submitted his resignation from the Board of Directors of Hellenic Bank Public Company Ltd.

"On 18 September, 2024, the Annual General Meeting of Hellenic Bank Public Company Ltd will be held in the context of which an election will be held to appoint new members of the Board of Directors of Hellenic Bank Public Company Ltd," it further stated.

Also, according to what is recorded in the announcement, Dr. Cleanthis (Athos) Chandriotis, who is the CEO of Demetra Holdings, submitted his candidacy for election to the Board of Directors of Hellenic Bank Public Company Ltd.

"The Board of Directors of the Group is monitoring developments at Hellenic Bank Public Company Ltd and will review the appropriateness of the accounting policy it follows for the Group's investment in Hellenic Bank Public Company Ltd taking into account all the new data," the announcement further emphasises.

It is noted that the above references are made in the chapter "Events subsequent to the balance sheet", where it is also stated that "depending on the evolution of the military conflicts in Ukraine and the Middle East, there may be negative effects on the results of the Company and the Group".

"The exact impact on the Company's and the Group's activities in 2024 and beyond cannot be predicted," it said.

Who are in the running for a position on the new Hellenic Bank Board of Directors

It is recalled that in view of the Hellenic Bank AGM, the following nominations have been announced so far:

• Michalis Louis
• Oliver Bernard Ellingham
• Robert Anastassis Kyprianou
• Charalambos Constantinou
• Maria Charalambous
• Sofronis Clerides
• Kenneth Howard Prince-Wright

Also, Stephen Joh Albutt has been proposed for re-election to the Board of Directors.

As regards Demetra Holdings, it is worth recalling that on 28 August of last year, it announced the appointment of Marc Klerides as the company's board of directors, as well as the appointment of Christos Papaioannou as the company's secretary, replacing Dr. Nearchos Ioannou, from 28 August 28, 2024.

Dr. Nearchos Ioannou will be staying on as vice-chairman of the company's Board of Directors.

(Source: InBusinessNews)