Insider Business Clock ticks for Hellenic Bank shareholders

Clock ticks for Hellenic Bank shareholders

The intentions of Hellenic Bank’s major shareholders are expected to become gradually clearer this week, since a binding offer for investing in the ‘healthy’ part of the cooperative banks is due in mid-May. Presentations made by the bank’s top administrators will be crucial for attracting capital.

The major shareholders of Hellenic Bank are Third Point Management fund (26,2%), Wargaming company (24,9%) and Demetra investment company (10%). The binding offers expected to be submitted will include extra capital needed for investment in CCB.

Up to this point current shareholders appear reluctant to cover the capital needed. A positive approach is shown by Third Point management, which supports the prospect of new investors entering the race, notably the equity firm Lone Star Funds to also join the fund rise. This will lead to a change of shareholders in Hellenic Bank, if they indeed decide to absorb CCB.

Top Stories

162 new cases, five deaths announced on Monday

The Health Ministry announced the death of five persons due to COVID-19. This raises the death toll from the virus in Cyprus to 175,...

Where to get antigen rapid tests on Tuesday

The Health Ministry announced the following antigen rapid test sites for Tuesday, 19 January 2021: LIMASSOL Apostle Loucas Church, Agios Athanasios 08:30-16:30 Agios Stylianos Church, Linopetra 08:30-16:30 Cultural...

Searches for 70 year old woman missing at sea suspended due to bad weather

Searches to find a 70 year old woman missing off the Phiikoudes beach in Larnaca have been suspended due to extremely bad weather conditions...

Tourist arrivals plunge by 84% in 2020 in one of Cyprus’ worst tourist seasons due to Covid

Tourist arrivals in Cyprus reached a mere 631,609 plunging by 84.1% year on year in one of the worst ever season for Cyprus’ tourist...

Germany demands release of Kremlin critic Navalny

Germany on Monday demanded the release of Kremlin critic Alexei Navalny, detained on Sunday on his return to Russia, and said it would discuss...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...