EBRD takes stake in second Cypriot bank

Hellenic Bank Pcl

30/09/2015 12:32

LONDON, Sept 30 (Reuters) - The European Bank for 
Reconstruction and Development (EBRD) said on Wednesday it was 
taking a 5 percent stake in Cyprus's Hellenic Bank, adding to a 
similar stake it took in the island's top lender Bank of Cyprus 
last year. 
    The EBRD said it was buying 20 million euros worth of newly 
issued Hellenic shares  HBNK.CY  that would give it 5.4 percent 
of the bank's share capital and voting rights. 
    Lucyna Staczak-Wuczyska, EBRD director for financial 
institutions and EU banks, said it would concentrate on tackling 
the bad loans on Hellenic's books, a problem that continues to 
weigh on much of Cyprus's banking system. 
    The stake adds to one worth up to 120 million euros it took 
in Bank of Cyprus  BOC.CY  just over a year ago.  ID:nL6N0Q43TA  
 
 (Reporting by Marc Jones; editing by Jason Neely) 
 ((marc.jones@thomsonreuters.com; +44)(0)(207 542 9033; Reuters 
Messaging: marc.jones.thomsonreuters.com@reuters.net  Twitter 
@marcjonesrtrs)) 
 
Keywords: CYPRUS HELLENIC BANK/EBRD