The recent mandatory conversion of capital securities into shares of the Hellenic Bank increased the stake of the Church in the share capital of the bank.

On February 28 the bank announced the conversion of the convertible capital securities (CCS1) of total value €86 million into shares as the Core Tier I capital stood at levels below 9%.

With the conversion of the securities, the Core Tier I capital amounts to 9.3 %.

The conversion brought the general dilution of the existing shareholders at around 24%, depending on whether they had CCS1 or not.

According to a bank official, with the conversion of the CCS1 the Archbishopric becomes a major shareholder with a stake exceeding 7%.

The shareholding of Third Point hedge fund and international electronics war games company Wargaming has been reduced from 29.75% to 22.6% each.
Demetra Investment from 15 % now has 11.4 %.

In the summer, the Church had a stake of 19.74% which decreased to 4.42 % after the capital increase in October 2013.

Today it was announced that the CSE Council has accepted the listing of 858,738,710 ordinary shares of Hellenic Bank, which resulted from the mandatory conversion of 85,873,871 Convertible Capital Securities (CCS1).

According to the CSE announcement, the shares will be incorporated in the already listed share capital of the Company, which will increase to 3.547.492.401 ordinary shares of nominal value €0.01.
Hellenic Bank has another €40 million CCS1 and €128 million CCS2 to cover its future capital needs.