Eurobank Group’s 1.3-billion-euro investment in Cypriot lender Hellenic Bank, which will create the largest bank in the local market with total assets of €27.5 billion, represents a strong commitment to growth and further expansion in Cyprus, according to Group Chairman George Zanias.
Speaking on Thursday during a management visit to Cyprus for the Eurobank Group Board of Directors meeting, he said that “the strengthening of our banking footprint in Cyprus will allow us to support entrepreneurship and boost investments, ensuring sustainable development for Cypriot society.”
For his part, the CEO of Hellenic Bank, Michalis Louis, said that the investment in Hellenic “is the largest ever made in Cyprus and constitutes a strong vote of confidence in the country’s economy. This is a move of strategic importance, which highlights the importance of Cyprus in the broader planning of the group.”
Eurobank already owns 93.47% of Hellenic’s share capital and the public offer for the acquisition of the remaining shares, which will pave the way for its delisting and its merger with Eurobank Cyprus, expires on April 9.