After having received the approval of the Commission for the Protection of Competition, regarding the concentration arising in Cyprus' banking sector, from the increase of Eurobank’s stake in Hellenic Bank share capital, Eurobank said on Monday that approvals of the Central Bank of Cyprus, the European Central Bank and the Superintendent of Insurance of Cyprus are pending in order to complete the transaction.

In a press release, Eurobank informs that the Commission for the Protection of Competition, in its meeting on February 2nd 2024, approved the concentration arising from the increase of Eurobank’s stake in Hellenic Bank share capital.

Following that, the acquisition of a total stake of 26.1% of Hellenic Bank shares, as per the signed agreements with Poppy S.à r.l, Senvest Management LLC, Wargaming Group Limited, Provident Fund for the Executive Directors of Wargaming and Provident Fund for the Senior Management Personnel of Wargaming as those were announced on 23rd, 25th και 30th of August 2023 respectively, is now subject to the approvals of the Central Bank of Cyprus/European Central Bank and the Superintendent of Insurance of Cyprus, the bank adds.

Eurobank currently holds 29.2% in Hellenic Bank, therefore after the completion of the Transactions, its total holding will amount to 55.3%.