Nicosia: Hellenic Bank and Eurobank Cyprus have secured all required regulatory approvals to complete their merger, with the legal transfer of Eurobank Cyprus’ assets and liabilities to Hellenic Bank scheduled for September 1.
According to Cyprus News Agency, Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A., received all required regulatory approvals for the merger of its wholly owned subsidiaries in Cyprus, Hellenic Bank Public Company Limited and Eurobank Cyprus, marking the beginning of a new era for the banking sector in Cyprus.
In accordance with the Cypriot Transfer of Banking Business and Collateral Law of 1997, on 1st September all assets and liabilities of Eurobank Cyprus will be transferred to Hellenic Bank. ‘The merger of the two organizations creates a single, strong and modern financial institution, which will be able to provide upgraded banking and insurance services to its customers, contributing to the development of the Cypriot economy,’ the statement noted.
As part of the integration process, Hellenic Bank Public Company Ltd will be rebranded as Eurobank Limited, a change that reflects the ‘common vision, dynamism and innovation, reflecting the consolidated organization’s strategy for sustainable development and customer-centric approach’. ‘This development marks a historic milestone for the banking sector in Cyprus and for all of us in the Group,’ said CEO Michalis Louis. He pointed out that the consolidation brings together significant experience and expertise, strengthening the group’s position in both banking and insurance.
‘With an enhanced presence across financial and insurance services, we are now in a position to offer more comprehensive and innovative solutions to our customers, fully aligned with the evolving needs of society and the economy,’ he added. Louis stressed that the new Eurobank Limited is more than a rebranding exercise. ‘It represents a shared vision for sustainable growth, technological progress, and human-centric service. We are not only creating the largest bancassurance organization in Cyprus but also building a strong pillar for the country’s role as an international financial hub and a bridge of economic and business cooperation between the EU and the wider region,’ he said.