[Reuters]
Greece’s Eurobank group aims to create the largest bank in Cyprus with total assets of 28 billion euros through the acquisition of Hellenic Bank and its merger with Eurobank Cyprus.
Correspondingly, a leading position in the insurance market with a share of 30% in the life insurance sector and 22% in the general insurance sector is acquired, through CNP Cyprus Insurance. The approval for the acquisition of CNP Cyprus Insurance by Hellenic Bank is expected within the first quarter of the year.
On Thursday, the group announced the public offer to the shareholders of Hellenic Bank for the acquisition of 100% of the bank, whose shares will be delisted from the Cyprus Stock Exchange.
According to the timetable, the acceptance period of the public offer for the shareholders of Hellenic Bank begins in March and ends on April 9, 2025. After the necessary approvals, the legal merger will follow in the third quarter of 2025, while the operational merger will be implemented within the next two years.
The merger with Eurobank Cyprus is estimated to create synergies of €120 million by 2027.