Greek Eurobank further increases its stake in Hellenic Bank

Greek lender Eurobank Ergasias on Friday announced a new acquisition of shares in Hellenic Bank, further increasing its stake in Cyprus’ second largest lender.

Eurobank S.A., a subsidiary of “Eurobank Ergasias Services and Holdings S.A.” (“Eurobank Holdings”), announced the acquisition of a 3.2 percent holding (13,230,000 shares) in Hellenic Bank Public Company Limited (“Hellenic Bank”) from funds managed by Senvest Management LLC, for a consideration of €16.74 m.

Eurobank, now holds 15.8 percent in Hellenic Bank, the Greek bank said, recalling that on December 1, 2022, the conclusion of a share purchase agreement (“SPA”) with Wargaming Group Limited was announced, according to which Eurobank has agreed to acquire an additional 13.41 percent holding in Hellenic Bank, subject to regulatory approvals.

“Therefore, upon completion of the transaction under the SPA, Eurobank’s total holding in Hellenic Bank will amount to 29.2 percent, the Greek bank noted.