articles | 24 September 2015

EBRD buys 5.4% of Hellenic Bank

Hellenic Bank confirmed recently that it had entered into an agreement with the European Bank for Reconstruction and Development (EBRD) for the acquisition of 5.4% equity stake in the Bank’s share capital following an agreement by the board of directors.

The signing of the agreement is expected to take place on Wednesday, September 30, 2015.

The EBRD will acquire 10.7 million new ordinary shares for €20 million, lifting Hellenic Bank’s Common Equity Tier 1 ratio by 50 basis points (0.5%) to 14%.

The mandate for the third largest lender to seek new investors came last February when shareholders agreed that the bank could capitalise on any strategically significant opportunity.

More specifically, shareholders approved the increase of capital by €35 million in order to proceed with the implementation of its business growth strategy.

“The Bank’s Board of Directors looks forward to expanding their cooperation with EBRD in other areas of mutual interest, as they operate in Cyprus and intend to invest significant capital across various sectors of the economy,” Hellenic Bank said in a statement.

Source: InCyprus

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