Eurobank Cyprus now controls 46.5% of Hellenic Bank
[Reuters]
Eurobank Cyprus, the local subsidiary of the Eurobank Group with a presence in six countries, has acquired the 17% stake in Hellenic Bank held by Pimco to become the local lender’s biggest shareholder, controlling 46.5% of its shares.
The deal with asset managers Pimco is reportedly valued at €167.9 million, or 235c a share, the above-market price at which Eurobank is now expected to make a public offer to all shareholders.
If the deal is concluded with little resistance from other shareholders, the merged Eurobank-Hellenic will become the island’s biggest lender by far, having absorbed the ‘good bank’ operations of the now-defunct Cooperative Central Bank in 2018. [Financial Mirror]
