Greece's Eurobank to buy additional 17.3% stake in Cypriot Hellenic Bank

Hellenic Bank Pcl

23/08/2023 09:10

ATHENS, Aug 23 (Reuters) - Eurobank  EURBr.AT , one of
Greece's largest lenders, said on Wednesday it has agreed to
acquire an additional 17.3% stake in Cypriot Hellenic Bank for
167.9 million euros ($181.53 million) to reinforce its business
in core markets.
    The Greek lender, with a current market value of 5.8 billion
euros, holds 29.2% in Hellenic Bank. Post the completion of the
transaction, Eurobank's total holding in Hellenic Bank will
amount to 46.5%.
    Eurobank is buying the stake from Poppy S.à. 
    The bank said in a press release that after it completes the
transaction it will make a mandatory tender offer for all of the
outstanding securities of the Cypriot bank not already held,
according to takeover law.
    "The acquisition is aligned with the overall strategy of
Eurobank Group to further strengthen its presence in its core
markets," Eurobank added.
    

($1 = 0.9249 euros)

 (Reporting by Athens Newsroom; Editing by Sharon Singleton)