InsiderBusinessPower games over Hellenic’s new board

Power games over Hellenic’s new board

One and a half months before June 26’s annual general meeting of Hellenic Bank and the new group of main shareholders have embarked on power games.

The focus point is whether all board directors should resign and set themselves up for re-election for not. The number of directors is 13, of which two – John Matsis and Lars Kramer – are executive ones.

Directors Stephen John Albutt, John Matsis, Marianna Pantelidou Neophytou and Euripides A. Polycarpou have already resigned and set themselves up for re-election, according to the annual report. Elections will take place for the filling of these positions.

At the same time, the new main shareholders want to have representation at the Board of Directors with informal alliances apparently taking place to determine future steps.

After the recent capital increase of Hellenic, new main shareholders are Wargaming Group with 20.61%, Demetra Investments with 18.42%, Poppy Sarl (Pimco) with 17.30%, Third Point Hellenic Recovery Fund with 12.59% and 7Q Invest Ltd Multi Opportunities with 8.90%.

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