Demetra Investments Ltd increased its stake in Hellenic Bank from 18.42 per cent to 21.01 per cent on Tuesday, according to a CySEC announcement.
Bank sources indicate that Demetra Investments bought off the European Bank of Reconstruction and Development stake for an estimated €10 million.
This makes Demetra the largest Hellenic shareholder, dethroning Wargaming Group’s 20.6 per cent.
The last changes in the shareholder structure of Hellenic Bank saw newcomers Poppy Sarl (PIMCO) (17.30 per cent) and Cypriot investment fund 7Q Financial Services Ltd (9.99 per cent) invest in the bank.
The attention now turns to the bank’s next general assembly scheduled on June 26, with uncertainty regarding the new composition of the board of directors.
Demetra Investments Ltd is a Cyprus-based investment company founded in 1999 with assets in capital markets, real estate and private equity. Its main shareholder is technology company Logicom Services Ltd, owning 29.62 per cent in share capital.