Three members resign from Hellenic Bank board ahead of Eurobank merger

The "order" for the merging of Hellenic Bank with Eurobank Cyprus as soon as possible, after the completion of the public offer and its acquisition by Eurobank S.A., has been given by the bank's Board of Directors.

At the same time, as announced by Hellenic Bank, three members of its Board of Directors, Miranda Xafa, Stephen John Albutt and Antonis Rouvas, submitted their resignations from the Board of Directors, effective upon the completion of the transfer of the banking business of Eurobank Cyprus Ltd to Hellenic Bank.

Antonis Rouvas continues to serve as Hellenic Bank's Chief Financial Officer, the announcement said.

In more detail, Hellenic Bank announced that its Board of Directors, during its meeting on 27 March decided, among other things, that after the completion of the pending public offer process for the acquisition of up to 100% of the issued share capital of the bank and the exercise of the redemption right by Eurobank S.A., as already announced, the merger of the bank with Eurobank Cyprus will be promoted with the transfer of the banking operations of Eurobank Cyprus to Hellenic Bank and the merger of Eurobank Cyprus with Hellenic Bank through a reorganisation and merger plan.

Therefore, the Board of Directors authorised the Executive Committee to proceed with all necessary steps and actions, including obtaining the required supervisory approvals, to implement the merger as soon as possible, after the completion of the public offer and acquisition.

It is noted that the conclusion of a transfer agreement and/or a reorganisation and merger plan by Hellenic Bank is subject to the approval of the Board of Directors and bank's AGM, as well as to supervisory approvals.

(Source: InBusinessNews)