Hellenic Bank

Eurobank's deputy chief executive, managing director and head of international operations, Stavros Ioannou, has expressed the bank's desire to eventually gain full control of Hellenic Bank in Cyprus.

Hellenic Bank, Cyprus' second-largest lender, has reported a profit of 69.7 million euros for the first quarter of 2023, signaling a strong start to the year.

Wargaming Group, a Cypriot technology company, intends to remain a shareholder in Hellenic Bank, Cyprus' second largest lender.

Despite selling a 13.41% stake to Greek banking group Eurobank in early December, Wargaming says its goal now is to focus on what it says it "does best," which is creating good games.

Investing in Cypriot banks is becoming increasingly common. 

The progress they have made in terms of the nonperforming loan burden they have shed, their capital adequacy, which is characterized as good, the profits expected as interest rates rise, and the cost cuts they have implemented have transformed them into an appealing investment target.

The European Bank for Reconstruction and Development (EBRD) said on Thursday it will end its engagement in Cyprus at the end of this year after completing a six-year mandate in which it invested about 600 million euros. 

The end of the EBRD's mandate means the bank will stop investing in new projects on the island but will continue to manage an existing portfolio.

The Cypriot economy is losing 660 million euros a month during the coronavirus epidemic, Hellenic Bank's chief economist Andreas Assiotis has warned, calling on the Republic's government to implement targeted interventions that will support production so that the economy can restart after the end of the pandemic without being slowed down by any issues.

A former HSBC banker has been appointed to the board of Hellenic Bank, one of Cyprus's biggest lenders, with a view to becoming chairman of the bank.

In a statement filed to the Cyprus Stock Exchange on Tuesday, Hellenic Bank said that Youssef Nasr, a Lebanese American, was nominated as a board member at its meeting on Monday.

Entrepreneurs with debts to the state and the banks will as of August 5 be able to apply to settle their arrears under the so-called extrajudicial mechanism, while according to the deputy governor of the Bank of Greece, Theodoros Mitrakos, online property auctions will be in full swing by late August.

The President of the Hellenic Bank Association, Nikos Karamouzis expressed his grave concerns about the dangers for the country’s systemic banks in relation to the non-performing loans. The Greek banker went on question the effectiveness of the legislation submitted by the Greek government regarding the issue of out of court settlements for arrears.

The president of Hellenic Bank Association and National Bank governor Louka Katseli in an interview with Handelsblatt estimated that the capital needs of the Greek banks are limited.

“My personal view is that banks will not need the entire 25 billion euros”, Katseli said.