The mandatory public offer for the acquisition of up to 100 per cent of the issued share capital of Hellenic Bank Public Company Limited, submitted on June 4, 2024, has been completed, according to Eurobank, a subsidiary of Eurobank Ergasias Services and Holdings.

Following the final verification of acceptance and transfer forms, the total acceptance rate for the public offer reached 0.481 per cent.

In addition, there were acceptance and transfer forms submitted for 1,984,781 shares of the target company, Eurobank announced in a statement published on the Cyprus Stock Exchange website.

Adding this to the 55.481 per cent (229,030,025 shares) already directly held by the offeror at the close of the public offer on July 30, 2024, Eurobank now holds a total of 55.962 per cent (231,014,806 shares) of the issued share capital of Hellenic Bank.

Moreover, payment to shareholders who accepted the public offer was made through bank transfers and the issuance of cheques on August 6, 2024.

At the same time, the announcement explained that the offeror completed an off-market transfer of the securities through the appointed handler, the Cyprus Investment and Securities Corporation Limited (CISCO).

It should be noted that CISCO and Axia Ventures Group acted as advisors to the offeror in connection with the public offer process.

John Gregory Iossifidis resigns from Hellenic Bank board ahead of AGM

Meanwhile, Hellenic Bank Public Company Limited on Wednesday announced the resignation of John Gregory Iossifidis from its board of directors, according to a statement released on the Cyprus Stock Exchange (CSE).

Iossifidis was appointed member of the board of directors of Hellenic Bank on June 18, 2021, and elected Senior Independent Director on June 28, 2023.

In addition, he was a member of the board of directors’ audit and nominations committee, as well as a member of the internal governance committee.

The announcement said that John Gregory Iossifidis “has informed the bank of his decision to step down from his role as independent non-executive director before the commencement of voting at the bank’s 50th annual general meeting (AGM) on September 18, 2024″.

Iossifidis stated that his resignation follows the acquisition of a controlling stake in Hellenic Bank by Eurobank S.A.

He explained that this move is intended to ensure a smooth transition, allowing the new leadership to implement its strategic vision and objectives for the bank, while maintaining governance structures until the AGM.

This resignation comes shortly after another significant departure. On August 5, 2024, the resignation of Christos Themistocleous, the non-executive vice chairman of the bank’s board, was also announced with immediate effect.

Finally, according to the bank’s articles of association, nominations for the position of director can be submitted by shareholders from August 4, 2024, until the close of business (2:30 p.m. Cyprus time) on August 30, 2024.