Hellenic Bank made payments totalling €13.7 million in 2024 to Logicom Solutions Limited and its subsidiary, NewCytech Business Solutions Ltd, according to an announcement following the bank’s preliminary financial results for the year.

As reported by local outlet Stockwatch, the payments were made under agreements between Hellenic Bank Public Company Ltd and the firms Logicom Solutions Limited, NewCytech Business Solutions Ltd, and NewCytech Distribution Ltd.

All three companies are wholly owned subsidiaries of Logicom Services Ltd.

Notably, Logicom indirectly holds over 5 per cent of Hellenic Bank’s issued share capital.

The agreements in question were established as part of the bank’s routine operations and covered consulting services, support services, and other IT-related services.

This includes the purchase of equipment, software, related products, and licensing agreements.

For the period from January 1, 2024, to December 31, 2024, the total amount paid by Hellenic Bank to Logicom Solutions Limited was €9.38 million inclusive of VAT where applicable.

Additionally, the amount paid to NewCytech Business Solutions Ltd totalled €4.33 million, also including VAT where applicable.

No payments were recorded for agreements with NewCytech Distribution Ltd.

*This article is a translated version of content originally published on StockWatch.