Translated version of this PSD: Greek
The EBRD has acquired an equity stake in Hellenic Bank (“HB” or the “Company”), the second largest commercial bank in Cyprus, investing €20 million in newly issued shares, resulting in a stake of 5.4%.
The investment will provide Hellenic Bank with additional capital while it focuses on growth, the resolution of non-performing loans (NPLs) and the creation of capacity to pursue viable opportunities as the economy recovers.
Hellenic Bank’s turnaround through effective NPL management and implementation of its growth strategy will contribute to the economic recovery of Cyprus. The EBRD’s continued engagement in the Cypriot banking sector will have high impact through supporting the restructuring and the governance of Hellenic Bank and, importantly, through a signaling effect to the public and investors.
Hellenic Bank is currently the second largest commercial bank in Cyprus with a deposit market share of 13.6% and a loan market share of 6.9% as of June 2015. The bank offers a wide range of banking services to individuals, SMEs and corporates. HB holds a significant position in Cyprus’ retail banking sector with a strong, reputable platform and is well-positioned to capitalise on growth opportunities.
Equity investment in Hellenic Bank’s capital, resulting in an EBRD stake of 5.4%.
EUR 20 million.
Environmental and social categorisation, impact, and mitigation
Categorised FI. Hellenic Bank will be required to comply with EBRD PRs 2, 4 and 9, implement the EBRD’s ES Procedures for Corporate and SME Loans and submit an annual report on environmental matters to the Bank.
Group Chief Financial Officer
Hellenic Bank Public Company Ltd
P. O. Box 24747, 1394 Nicosia, Cyprus
Office: +357 22 500 760
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
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