Cyprus Mail

Hellenic discussing co-op options with potential investors

Further to an announcement released earlier this month in which it confirmed its interest in the co-op bank, Hellenic Bank said Thursday it was exploring options in the event it would require additional capital if it were to go through with a binding acquisition proposal.

“In this respect, it is participating in discussions with potential investors in Hellenic Bank,” the lender said on Thursday. “At present, no decision has been made on the matter and there can be no certainty that any transaction will take place.”

Hellenic said any transaction would be subject to regulatory approval and any share capital increase that may be required will be subject to the approval of its shareholders.

The lender is one of three parties that showed interest in taking over part of the co-op, in line with the conditions announced by the government.

The state, which nationalized the co-ops in 2013 through a €1.7bn injection, is looking to dispose of the bank, or part of its assets in a process that started last month.

It also deposited €2.5bn raised from several bonds, worth €2.35, issued to the Cooperative Central Bank and from its cash reserves, in a bid to boost confidence amid rumours that sparked a run on the lender.

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