Eurobank has taken a significant step in consolidating its presence in Cyprus, announcing the acquisition of a controlling stake in Hellenic Bank. The deal includes shares from two major shareholders, Demetra Holdings and Logicom, marking a transformative shift in the island’s banking landscape.
Eurobank will purchase 88,064,705 shares (21.33%) from Demetra Holdings for 426 million euros and an additional 13,729,704 shares (3.33%) from Logicom for €66 million. Combined with the over 12% stake acquired earlier this year, Eurobank’s total shareholding in Hellenic Bank will surpass 37%.
The agreed price for the latest transactions is €4.84 per share, aligning with the valuation established in recent agreements, including one with the Cyprus Bank Employees Union (ETYK).
The deal is expected to close no earlier than February 8, 2025, following regulatory approvals and a six-month window after the mandatory public offering completed last summer.
Once finalized, Eurobank will make a public offer to acquire the remaining shares at the same price of €4.84 per share.