InsiderEconomyEurobank to become Hellenic Bank's major shareholder

Eurobank to become Hellenic Bank’s major shareholder

Eurobank, one of Greece’s largest lenders, said on Thursday it agreed to acquire an additional 13.4% stake in Cypriot Hellenic Bank from Wargaming Group Ltd for 70 million euros.

The acquisition is aligned with Eurobank’s strategy to further strengthen its presence in its core markets, it said in a statement.

“And it is a vote of confidence to the positive prospects of the economy of Cyprus,” it added.

The acquisition is subject to regulatory approvals, and until that time, Wargaming Group will have the full legal and beneficial ownership of the 55.37 million shares agreed to be sold.

Eurobank already owns 12.59% of Hellenic Bank and therefore, after the completion of the transaction, its holding will rise to 26%, therefore becoming the bank’s major shareholder.

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