The approval allows the publication of the document, which was officially released on March 5, 2025. Eurobank currently holds 385,847,001 shares in Hellenic Bank, representing 93.47 per cent of its issued share capital. Under the applicable legal provisions, the public offer is considered successful and is unconditional. As a result, Eurobank is obligated to acquire all remaining shares in Hellenic Bank that are tendered under the terms of the public offer, provided there are no circumstances leading to its withdrawal or cancellation.

According to the public offer document, Hellenic Bank shareholders who accept the offer will receive €4.843 per share, payable in cash. This proposed consideration reflects a premium of 46.23 per cent over the average closing price of Hellenic Bank shares during the twelve months preceding the announcement of the public offer. Additionally, it represents a 5.88 per cent premium over the net asset value per share based on Hellenic Bank’s preliminary financial results for the year ending December 31, 2024.

The acceptance period for the public offer will commence on March 11, 2025, and conclude on April 9, 2025, at 14:30. The public offer document contains comprehensive details regarding the terms of the offer, the consideration being proposed, and a detailed explanation of the acceptance procedure.

Shareholders holding more than 0.01 per cent of Hellenic Bank’s shares will receive the public offer document, the acceptance and transfer form, the withdrawal form, and the investor instruction form by post. These forms will also be available at branches of the Bank of Cyprus and Eurobank, as well as at the central offices and website of CISCO and the Cyprus Stock Exchange (CSE). The approved public offer document will be available in electronic format from March 11, 2025, on the websites of Eurobank, the CSE, and CISCO.

It should be noted that Eurobank recently announced a cash dividend of 10.5 cents per share and a €288 million share buyback programme as part of its financial results for 2024. The bank’s three-year plan aims for a 15 per cent return on tangible equity and a cumulative profit distribution twice that of the 2022-2024 period.

“Our growth strategy is based on three pillars,” said CEO Fokion Karavias. “Expanding credit by approximately 8 per cent annually, prioritising wealth management and private banking, and leveraging synergies from our leadership position in Cyprus.” Meanwhile, Hellenic Bank reported a net profit of €383 million for the full year 2024. “2024 was a landmark year for Hellenic Bank in terms of financial performance and ownership structure,” said chief executive officer Michalis Louis. “The bank achieved strong financial performance in 2024 with a net profit of €383 million, up 10 per cent year-on-year, adjusted for discontinued operations, and a return on tangible equity of 23,” he added.

Source: Cyprus Mail