The legal merger of Eurobank with Hellenic Bank is set to be completed within June, with full integration expected to take effect in early July. From then on, the two institutions will operate as a single legal entity under the name Eurobank Ltd.

While the formal approval from supervisory authorities is still pending, it is largely seen as a procedural matter. Both the domestic regulator and the European Central Bank (ECB) have supported the merger at every stage of the acquisition process.

ECB’s longstanding concerns over Hellenic Bank’s previous shareholding structure played a significant role in driving this consolidation. For years, the Frankfurt-based authority favored the presence of a strong, reputable strategic investor in Hellenic’s shareholder base—one with international experience and proven financial expertise. Eurobank, backed by a major Greek banking group, fulfills that role.

According to Brief sources, the legal merger will result in a unified structure—one legal entity, one Board of Directors, one Executive Committee, and one management hierarchy. All staff will fall under the new Eurobank Ltd structure.

Operational integration will follow a phased approach, with a key milestone being the transition of the bank’s systems to Eurobank Group’s digital platform. This advanced infrastructure is designed to meet modern customer demands and will be a core asset moving forward.

Although integrating internal systems may take time, clients are not expected to experience any disruptions.

Sources emphasize that the management’s primary goal is to ensure customers remain unaffected. Clients will be informed promptly about any developments that concern them.

• Debit and credit cards, as well as cheque books, will remain valid

• Standing orders and money transfers will continue without interruption

• IBANs and account numbers will stay the same

• Card PINs, online banking credentials, and mobile app access will not change

• Relationship managers and account limits will remain as they are

Customers will continue to be served at their current branches. In time, joint “branch-in-branch” locations will be established to serve all clients of the merged bank.

With the Hellenic Bank rebranded as Eurobank Ltd, customers will gain access to a broader range of competitive products and services, supported by the Eurobank Group’s expertise and technological capabilities.

The merger combines the legacy and values of two well-established institutions. “This strategic integration brings together the history, experience, and customer commitment of both banks,” a bank source told Brief.

Eurobank Group CEO Fokion Karavias and Hellenic Bank CEO Michalis Louis both noted that the merger strengthens capital adequacy, expands service offerings, and improves the bank’s competitive edge in the Cypriot market.

Brief also gathered data highlighting the scale of the merged institution:

• Total assets (including loans, cash, investments, and real estate): €27 billion

• Total loan portfolio: €8.6 billion

• Total deposits: €23 billion

• Market share in deposits: 42%

• Market share in loans: 36%

• Over 3,000 employees across Cyprus

• Contributions to the Cypriot state in 2024 (taxes and other fees): over €61.5 million

Hellenic Bank was a leading player in retail banking in Cyprus. Now, that strength is complemented by Eurobank Cyprus’ well-established expertise in corporate and private banking.

“The new bank is named Eurobank Ltd. While the name changes, the scale, strength, and core values remain the same—along with our customer focus and commitment to the Cypriot market,” sources reiterated.