Cyprus Mail

Hellenic pulls plug on investment subsidiary

Hellenic Bank said its board decided on Tuesday to wind down the operations of its retail brokerage service subsidiary Hellenic Bank Investments Ltd (HBI) effective January 31, 2017.

“The decision does not have any significant financial or operational impact on the group and HBI’s resource will be redeployed within the group to cover identified needs,” the bank said in a statement on the website of the Cyprus Stock Exchange. “This decision does not affect the provision of services by the group to private banking clients and institutional clients”.

Hellenic said that HBI customers will “in due course” receive letters informing them of the bank’s decision “and further actions to be followed”.

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