Hellenic Bank expects Athens listing in early 2015 (updated)

Hellenic Bank Pcl

03/12/2014 11:51

* Cypriot bank sees Athens listing in early 2015 
    * Hellenic says Athens bourse will enhance market liquidity 
 
 (Updates throughout, adds details of exchange's market cap) 
    By Michele Kambas 
    NICOSIA, Dec 3 (Reuters) - Cypriot lender Hellenic Bank 
 HBNK.CY  anticipates a listing of its shares on the Athens 
Stock Exchange in early 2015, its chairwoman said on Wednesday, 
in response to requests from institutional investors. 
    Hellenic, which is in the process of raising 220 million 
euros ($271 mln) in a rights issue, said that during recent road 
shows institutional investors had queried liquidity in the 
stock. 
    Shares of the bank are currently listed on the Cyprus Stock 
Exchange, which has a common trading platform with the Athens 
bourse. The Athens Stock Exchange has a market capitalisation of 
 57.1 billion euros, compared to 5.07 billion euros of the 
Cypriot exchange. 
    "I would say that within, probably, the first couple of 
months of 2015 that would be possible," Irena Georgiadou told 
Reuters about the secondary listing plan. 
     A secondary listing had been in their plans, she said, but 
was further highlighted by recent investor feedback, she said. 
    "We want to be outward looking, the Bank was not until now, 
it was more inward looking. We are not afraid to be compared 
with our peers in Cyprus and in Greece," she said. 
    Georgiadou took over the helm of the bank earlier this year. 
Its two major shareholders which came on board in late 2013 are 
Hedge fund Third Point and Cyprus-based online game developer 
Wargaming. Each will take a 20 percent stake in the new issue. 
    The Cypriot lender emerged relatively unscathed from an 
EU-sanctioned haircut on Greek bonds in late 2011. 
    "We are the only bank in the region which has not been 
bailed in or bailed out, we have a lot of liquidity and strong 
committed shareholders and we believe we are the right proxy for 
the growth of the Cyprus economy," Georgiadou said. 
    (1 US dollar = 0.8112 euro) 
 
 (Reporting by Michele Kambas; editing by Elaine Hardcastle) 
 ((michele.kambas@thomsonreuters.com;)) 
 
Keywords: CYPRUS HELLENICBANK/