Eurobank on Tuesday significantly increased its stake in Hellenic Bank by purchasing 503,934 shares at a total cost of €1.29 million, with transaction taking place on the Cyprus Stock Exchange (CSE).

According to an announcement released on Tuesday afternoon, Eurobank noted that the acquisition took place on Monday, with each share bought at a price of €2.56.

This purchase boosts Eurobank’s direct holdings to 228,789,554 shares, representing 55.42 per cent of Hellenic Bank’s total issued share capital and voting rights.

Monday’s trading volume of Hellenic Bank shares on the CSE reached €1.32 million, accounting for 77 per cent of the total session’s trading volume.

It is noteworthy that following the receipt of regulatory approvals to increase its stake to 55.3 per cent, Eurobank will proceed with a mandatory public offer to Hellenic Bank’s shareholders.

This offer aims to acquire up to 100 per cent of the issued share capital of Hellenic Bank, with a proposed exchange rate of €2.56 per share.