Hellenic which is expected hold an extraordinary general meeting in August, the second in a month, to approve a €150m capital increase, is looking into technical matters such as the unification of the two banks’ system while Co-op customers are informed about the impending transfer of their accounts, the CNA reported citing unnamed banking sources.

The capital increase is expected to be completed in the fourth quarter, the CNA reported adding that Hellenic Bank shareholders, including Demetra Investments, Third Point and Wargaming.net have informed the lender of their intention to participate in the capital increase.

Under the terms of the deal, Hellenic’s balance sheet is expected to increase by €10.3bn. The bank, which employees currently 1,480 workers is also expected to see the number of its staff increase by 1,100 and its branch network expand from today 51 to around 176.

Source: Cyprus Mail