Hellenic Bank

CNP Cyprus, the subsidiary of the French insurance giant CNP Assurances, is finally being transferred to Hellenic Bank for 182 million euros.

Everything appears to be proceeding smoothly and insurer CNP Cyprus will soon be under the ownership of Hellenic Bank. Sources suggest a favorable outcome may be reached by the weekend.

Cyprus' Hellenic Bank reported a substantial profit of 365.4 million euros in 2023, marking a significant upswing from €21.8 million in 2022.

Two entities are currently in discussions regarding the acquisition of CNP Cyprus Insurance Holdings, the subsidiary of French insurance giant CNP Assurances.

As of the end of September 2023, the total Non-Performing Loans (NPLs) in the banking system of Cyprus further decreased to €2.02 billion compared to €2.08 billion at the end of August. In comparison to the previous quarter ending in June, NPLs saw a reduction of €95 million.

The divestment of the Hellenic Financial Stability Fund from Eurobank has been postponed by a few days following the acquisition of Hellenic Bank, in an attempt to value the bank based on the new financial data.

Wargaming has announced its decision to sell its remaining stake of 6.8% (28,023,767 shares) in Hellenic Bank to Eurobank.

The deal is valued at 65.9 million euros, equivalent to €2.35 per share.

Eurobank Cyprus, the local subsidiary of Greece's Eurobank Group, will have a controlling share of over 50% in Hellenic, the second largest lender.

Wargaming has announced its decision to sell its remaining stake of 6.8% (28,023,767 shares) in Hellenic Bank to Eurobank.

The deal is valued at €65.9 million, equivalent to €2.35 per share.

Eurobank Cyprus, the local subsidiary of Greece's Eurobank Group, will have a controlling share of over 50% in Hellenic, the second largest lender.

Eurobank Cyprus, the local subsidiary of the Eurobank Group with a presence in six countries, has acquired the 17% stake in Hellenic Bank held by Pimco to become the local lender's biggest shareholder, controlling 46.5% of its shares. 

The issues of the Hellenic Financial Stability Fund's divestment from Greek banks and the expansion of the Hercules program were at the center of the meeting held this week by Minister of National Economy Kostis Hatzidakis with the Hellenic Bank Association.

The new Hercules program will include three pending securitizations amounting to 3 billion euros.