Greece's Eurobank to buy additional 13.4% stake in Cypriot Hellenic Bank (updated)

Hellenic Bank Pcl

01/12/2022 07:15

(Adds details)
       ATHENS, Dec 1 (Reuters) - Eurobank  EURBr.AT , one of
Greece's largest lenders, said on Thursday it agreed to acquire
an additional 13.4% stake in Cypriot Hellenic Bank from
Wargaming Group Ltd for 70 million euros ($73.15 million).
    The Greek lender, with a current market value of 4.04
billion euros, holds 12.6% in Hellenic Bank. Post the completion
of the transaction, Eurobank's total holding in Hellenic Bank
will amount to 26.0%.
    The acquisition is aligned with Eurobank's strategy to
further strengthen its presence in its core markets and "is a
vote of confidence to the positive prospects of the economy of
Cyprus", Eurobank said in a statement.
    The acquisition is subject to regulatory approvals, and
until that time, Wargaming Group will have the full legal and
beneficial ownership of the 55.37 million shares agreed to be
sold, it added.
($1 = 0.9569 euros)
 (Reporting by George Georgiopoulos; Editing by Rashmi Aich)
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