Eurobank raises stake in Hellenic Bank, submits mandatory bid

Hellenic Bank Pcl

04/06/2024 12:24

ATHENS, June 4 (Reuters) - Eurobank  EURBr.AT , Greece's
second largest lender by market value, has raised its stake in
Cyprus-based Hellenic Bank to 55% for 275.7 million euros
($299.58 million), it said on Tuesday.
    Eurobank, which previously held a 29.2% stake in Hellenic,
acquired an additional stake of 26% and has submitted a
mandatory takeover bid to buy a further stake of up to 100% of
the bank's shares, it said.
    Hellenic will pay a cash amount of 2.56 euros per share to
Hellenic's shareholders who take up the offer, which is subject
to approval by the Cyprus Securities watchdog, Eurobank added.
    

($1 = 0.9203 euros)

 (Reporting by Angeliki Koutantou; Editing by Kirsten Donovan)
 ((angeliki.koutantou@thomsonreuters.com; +30 2102214608;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))