Hellenic Bank Shares to be Delisted as Eurobank Secures Full Control
Deal News | Mar 12, 2025 | EIN
Eurobank has confirmed its acquisition strategy for achieving full control of Hellenic Bank, leading to the delisting of its shares from the Cyprus Stock Exchange. Holding over 90% of the shares, Eurobank is poised to execute a squeeze-out in accordance with the Public Takeover Bids Law, to acquire the remaining 6.53% not owned by them. The public offer secured Eurobank's stake by acquiring 154.83 million shares at €4.843 per share from various Cypriot institutional stakeholders, including the Bank Employees Union and Demetra Holdings Plc. Eurobank aims to retain Hellenic Bank's core business operations and sees expansion possibilities in corporate, treasury, and retail banking. Subsequently, Hellenic Bank's operations will be merged with those of Eurobank's Cyprus subsidiary. While Eurobank intends no immediate changes to employment terms or board governance, operational realignment for efficiency is anticipated.
Sectors
- Banking and Financial Services
- Mergers and Acquisitions
Geography
- Cyprus – Hellenic Bank is listed on the Cyprus Stock Exchange, and the acquisition involves multiple Cypriot entities.
- Greece – Eurobank, the acquiring entity, is a major Greek bank with operations in Cyprus, indicating involvement of Greek banking interests.
Industry
- Banking and Financial Services – The article discusses Eurobank's acquisition of Hellenic Bank and shares strategies related to corporate, treasury, and retail banking services; thus placing it squarely in the banking industry.
- Mergers and Acquisitions – The focus on delisting, acquisition of shares, and planned merger with Eurobank Cyprus highlights active involvement in M&A processes.
Financials
- 4.843 – Price per share that Eurobank paid for acquiring shares of Hellenic Bank.
- 154,832,195 – Number of shares Eurobank acquired in Hellenic Bank.
- 6.53 – Percentage of Hellenic Bank shares Eurobank intends to acquire to gain full ownership.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Eurobank | Acquiring Company | Company | Eurobank is a major banking group known for its presence in several European countries, acquiring full ownership of Hellenic Bank. |
| Hellenic Bank Public Company Limited | Target Company | Company | Hellenic Bank is a leading bank in Cyprus and is the current target of Eurobank's acquisition effort. |
| Cyprus Stock Exchange | Stock Exchange | Company | CSE is the stock exchange where Hellenic Bank is publicly listed and will be delisted following Eurobank's acquisition. |
| Bank Employees Union (Etyk) | Selling Company | Company | One of the entities from which Eurobank acquired shares of Hellenic Bank. |
| Demetra Holdings Plc | Selling Company | Company | A Cypriot investment firm which sold shares in Hellenic Bank to Eurobank. |