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Co-op receives revised bid from Hellenic Bank

The Cyprus Cooperative Bank said Friday that it received a “revised proposal” from Hellenic Bank which a month ago submitted a binding offer to buy its operations.

“Further to our May 14, 2018 announcement, the Cyprus Cooperative Bank confirms that it received a revised proposal from Hellenic Bank as part of the Strategic Transaction, and in accordance with the relevant invitation for demonstration of interest,” the bank said.

The board of directors has convened an extraordinary shareholders meeting on Monday to review the proposal and to take the necessary decisions the Co-op said in a statement.

Hellenic Bank said on May 21, that it will also hold a general meeting of its shareholders to inform them about its bid to acquire the Co-op’s operations on July 11.

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