Michalis Louis: Plans to open branch in India as 100% of Hellenic Bank under Eurobank's control by the end of May

Revealing the next steps regarding the acquisition of Hellenic Bank by Eurobank SA and the ongoing process of acquiring 100% of the bank's share capital by the Greek banking group, Hellenic Bank's CEO, Michalis Louis, appeared on the stage of the 12th Banking Forum & FinTech Expo presented by Logicom Solutions.

The CEO of Hellenic Bank presented the banking group's strategic plan for 2025, explaining both the challenges and opportunities expected for the bank and the Cypriot economy in general.

The year 2024 was decisive, mainly due to the acquisition of Hellenic Bank by Eurobank, a development that has a significant impact on the dynamics of the Cypriot banking system.

Louis referred with particular emphasis to 2025, which he believes will be a year full of challenges and opportunities.

Eurobank Group has agreed to purchase additional shares of Hellenic Bank from four major investors, with these transactions expected to be completed in early February.

In more detail, Louis said, "The Eurobank Group has agreed to purchase additional shares from four major investors. These transactions will be completed in early February. A public offering will follow and by the end of May, I estimate, the Eurobank Group will control 100% of Hellenic."

The first quarter of 2025 finds the bank setting priorities with the main goal of serving its customers in the best possible way. At the same time, the bank will focus on expanding its operations in the east, as this region is considered the future for wealth creation and attracting new investments.

Louis stressed that the group does not intend to invest in the region simply to throw away Cypriots' money, but to promote the Cypriot economy, so as to attract foreign investors, who will use it as a base for their business activities in the region.

Furthermore, he referred to the need to restore trust between banks and society, which has been damaged by the criticism that banks receive. According to Louis, this criticism has sometimes gone unaddressed by banks, which needs to be corrected.

He admitted that banks have made mistakes in the past, but stressed that without the strong presence of Cypriot banks in the economy, the development of Cyprus will not be possible.

Referring to the forecasts for 2025, the CEO expressed his optimism about the continued downward trend in public debt, the achievement of surpluses and the positive prospects of the Cypriot economy.

However, Louis also warned of political uncertainties and geopolitical risks that remain, noting the insecurities on the international scene that may affect the course of the economy. He also placed particular emphasis on the low birth rate, which is an important issue for the country's future.

He pointed out that Cyprus needs to find ways to address the low birth rate and boost its development through other measures, such as attracting new workers and strengthening social services.

Another issue that concerns Louis is the issue of justice and the delays observed in the courts, an issue that affects both citizens and investors in Cyprus. These delays cause uncertainty and insecurity, which may affect the confidence of foreign investors in the Cypriot market.

The acquisition of CNP, as stated by Louis, will be a significant contribution to the bank's revenues, with this acquisition contributing to the enhancement of profitability. It was also mentioned that the frequency of these acquisitions and collaborations is expected to further strengthen the bank's position in the Cypriot market.

Another important step for the bank in 2025 is the establishment of its first office in India. Expansion into new markets, especially in Asia, is a strategic priority for Eurobank and Hellenic Bank, aiming to diversify revenue sources and strengthen its presence in fast-growing markets.

2025 is predicted by the CEO to be a year of great changes and challenges for Hellenic Bank, which, through the completion of the acquisition by Eurobank and its focus on expanding its activities, expects to strengthen its position in the Cypriot and international markets, as well as to regain the trust of society.

(Source: InBusinessNews)