In recent times, Eurobank has been strategically expanding its stake in the Hellenic Bank. Their latest move includes acquiring a 17.3% stake from Pimco, which boosts their overall holding from 29.2% to 46.5%. This is part of Eurobank's broader vision of not merely investing but gaining full control over the Hellenic Bank.

Key Details:

• Eurobank's acquisition of the Pimco stake was priced at €167.9 million, translating to 2.35 euros/share.

• According to financial regulations, once a shareholder holds 30% of a bank, they must extend a public offer to other shareholders to purchase their shares. Given Eurobank's current 46.5% stake, they will soon roll out this offer.

• If Eurobank ends up owning over 50% of the Hellenic Bank, it will integrate the latter into its banking group, making Hellenic Bank its subsidiary.

Upon obtaining the European Central Bank's (ECB) approval, which typically spans 2-3 months, and securing the green light from supervisory authorities, Eurobank will present its public offer. This offer aims to ensure both the primary and minor shareholders are safeguarded.

Should Eurobank's stake exceed 50%, the Hellenic Bank will seamlessly become a subsidiary of Eurobank. This transition will not impact the customers in any form, and the bank will maintain its operations in Cyprus.

An insider from the Hellenic Bank shared with Brief that this transaction underscores the bank's robust financial model. They also confirmed the Hellenic Bank's commitment to adhering to all regulations and procedures in such circumstances.