February is shaping up to be a pivotal month for Hellenic Bank in Cyprus, as key financial moves are unfolding, including a full takeover bid by major shareholder Eurobank, the completion of key acquisitions, and a voluntary exit plan for employees.
On Saturday Eurobank will finalize the acquisition of shares previously held by ETYK, Demetra Investment, and Logicom, increasing its stake in Hellenic Bank to 93.47%. The transactions will see Eurobank paying 426 million euros to Demetra, €66 million to Logicom, and €256 million to ETYK. Eurobank is expected to launch a second mandatory public offer – likely on the same day – to acquire the remaining 6.53% of shares at €4.84/share.
With shareholders left little room for choice, this move paves the way for a “squeeze-out” process and the eventual delisting of Hellenic Bank from the Cyprus Stock Exchange. A full merger with Eurobank Cyprus is projected by the third quarter.
Hellenic Bank is also preparing to roll out a voluntary exit plan in mid-February, targeting around 400 employees. The plan, already approved for tax exemptions, offers a maximum payout of €200,000 per participant. The last such scheme in 2022 cost the bank €71 million and led to 446 departures.