Eurobank has entered the final phase of acquiring 100% of Hellenic Bank's share capital after receiving approval from the Cyprus Securities and Exchange Commission for its public offer document.

Currently, Eurobank owns 385,847,001 shares, representing 93.47% of Hellenic Bank’s issued share capital.

Due to the squeeze-out process, as outlined in Cyprus securities law, the remaining 7% of shareholders are obligated to accept the public offer, making the acquisition a foregone conclusion.

Eurobank’s offer price of €4.843 per share reflects a 46.23% premium over the 12-month average closing price prior to the announcement of the public offer.

The acceptance period for Hellenic Bank shareholders begins on March 11, 2025, and ends on April 9, 2025, at 2:30 PM.

“We are in the final stretch. Eurobank is acquiring 100% of Hellenic Bank’s share capital, fulfilling the Group’s strategic vision,” said Michalis Louis, CEO of Hellenic Bank, in a statement to Brief.

He confirmed that the next step will be the completion of the acquisition of CNP, a leading insurance company.

According to Louis, the legal and operational merger between Eurobank and Hellenic Bank will follow, with preliminary estimates suggesting that the process will be completed by the end of the year.

A key element of the operational merger will be the integration of the two banks' IT systems, ensuring a seamless transition. Additionally, the workforce consolidation will take place, ultimately forming a unified banking entity under the name Eurobank Cyprus.

The legal merger of the two institutions will also require court approval.

As part of Hellenic Bank’s 2024 financial results, which recorded profits of €384 million, Louis emphasized that Eurobank aims to expand its presence and become the leading bank in Cyprus by strengthening customer relations and service excellence.

“We will continue to support Cypriot society by contributing to economic growth, ensuring the sustainability of the banking system, and enhancing the well-being of our customers,” he added.

Eurobank’s Group CEO, Fokion Karavias, has publicly stated that the bank’s investment in Cyprus represents a vote of confidence in the Cypriot economy, reinforcing the country’s financial stability, promoting growth and innovation, and highlighting the attractiveness of Cyprus as an investment destination.