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Economy

Greece’s Eurobank Acquires Majority Stake in Cyprus’ Hellenic Bank

March 20, 2024

NICOSIA – Greece’s Eurobank has moved to obtain a majority stake in Cyprus’ Hellenic Bank as a subsidiary. It will continue to operate using the same model but with separate managements and boards of directors, under the umbrella of Eurobank.

During meetings with Cypriot journalists at the bank’s headquarters in Athens, Eurobank CEO Fokion Karavias, along with Eurobank’s management, spoke about the significance of the Cyprus market, as reported by Naftemporiki.

Hellenic Bank has been linked to Eurobank since 2007, focusing on corporate and private banking. Karavias mentioned that, “If at some point in the future we proceed with some kind of merger or absorption, we cannot prejudge it. Such a development may be considered in the future, taking into account the wishes of the remaining shareholders of Hellenic Bank.”

He stated that Eurobank aims to play a more significant role in Cyprus, especially in terms of business development and cooperation, positioning itself to work with the economies in the Middle East and India.

He believes these areas are poised for growth and that Cyprus can serve as a gateway for them into the European Union. The bank aims to be in a favorable position to capitalize on these opportunities while they can.

Eurobank, along with The National Bank of Greece, Alpha Bank, and Piraeus Bank, is one of the so-called Big Four financial institutions in Greece. These banks have returned to profitability after shedding a significant amount of bad loans.

They had been bailed out with €50 billion in state aid during the 2010-2018 economic and austerity crisis but are growing again as Greece’s economy has accelerated, growing by 5.9% in 2023.

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