Hellenic Bank held its 50th Annual General Meeting in an optimistic atmosphere, discussing the 2023 achievements and the new developments within the Group since early 2024.

During his speech, Group Chairman Petros Christodoulou emphasized that the bank’s upward trajectory and transformation have continued since the beginning of 2024, marked by milestone events that significantly reshape the organization’s profile and impact. He noted that with Eurobank’s acquisition of the majority shareholding, Hellenic Bank has secured a significant vote of confidence, ensuring a promising future with new prospects and opportunities. "With Eurobank now holding a majority stake, Hellenic Bank turns a new page as part of a financial giant in Southeast Europe, with assets exceeding €80 billion," Christodoulou stated.

Christodoulou also highlighted the acquisition of CNP Cyprus Insurance Holdings Limited, aimed at creating the largest insurance group in Cyprus. "This agreement complements our business model and is a milestone for further growth and strengthening our insurance operations," he said. He also acknowledged the successful negotiations for renewing the collective agreement with the staff after the formation of the new Board of Directors, stressing the importance of ESG (Environmental, Social, and Governance) issues and investments toward a sustainable and inclusive society.

Meanwhile, Acting Group CEO Antonis Rouvas commented on the bank's improved financial results. He reported that total net income increased to €664 million, mainly due to higher interest income, while profits reached €365 million. One of the key achievements, he noted, was the significant improvement in the bank’s balance sheet through the sale of approximately €0.7 billion in non-performing loans and the divestment of APS Debt Servicer. "We are proud to have drastically reduced non-performing loans, with over 99% of new loans since 2018 being performing," he added.

Rouvas also mentioned that in March 2023, the bank successfully issued subordinated bonds worth €200 million with a 10.25% coupon, attracting significant investor interest, with international investors representing 90% of demand. The success was repeated this year with the recent issuance of €100 million bonds with a 4% coupon, while the corresponding 2022 issuance had a 9% coupon. Rouvas emphasized that the Group’s achievements were recognized by major rating agencies, with upgrades, and highlighted that the bank’s transformation plan is on track, focusing on continuously improving customer experience, increasing efficiency, streamlining processes, better cost management, and leveraging the latest technology.