InsiderEconomyEurobank to change landscape of bank equity in Cyprus

Eurobank to change landscape of bank equity in Cyprus

Eurobank is to change the island’s 2023 landscape of bank equity in 2023 now that it has added 3.2% more shares of Hellenic Bank. Its total is brought to 29.2% – pending regulatory approval.

This means there will be major reorganization within Eurobank and Hellenic Bank with new shareholders in the banking state of play expected to come in, Philenews reported on Monday.

Basically, four banks have left the country’s banking system within 10 years, three of them being systemic ones. The systemic ones were Laiki, Co-op Bank and RCB, and the fourth one was FBME.

Hellenic Bank group which has already undergone a lot of changes in 2022 is expected to experience a flurry of shareholding changes in 2023.

Just before the end of 2022 Eurobank announced that Cyprus is one of its key markets of operation with the acquisition of a 3.2% stake in Hellenic Bank via funds managed by Senvest Management LLC. The price was €16.74 million.

As a result, Eurobank’s stake in Hellenic Bank now stands at 15.8% and will reach 29.2% when the acquisition of 13.41% from Wargaming is completed.

The Wargaming share purchase was announced on December 1 – pending regulatory approval.

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