Nicosia: Eurobank SA has secured final approval from the Cyprus Securities and Exchange Commission (CySEC) to proceed with the full acquisition of Hellenic Bank Public Company Ltd, through the exercise of its squeeze-out right.
According to Cyprus News Agency, the decision, granted by CySEC on 5 May 2025, authorizes Eurobank to acquire the remaining 2.006% of Hellenic Bank’s share capital that it does not already own. The move follows Eurobank’s public announcement on 29 April and marks a significant step in its bid to take complete control of the Cypriot lender.
Eurobank currently holds 404,525,263 shares, representing 97.994% of Hellenic Bank’s issued share capital. The squeeze-out procedure will cover the remaining 8,279,967 shares, with minority shareholders set to receive pound 4.843 per share in cash, identical to the price offered during the previous public takeover bid.
In accordance with Article 36(5) of the Takeover Bids Law of 2007 to 2022, Eurobank will notify the affected shareholders of Hellenic Bank in writing, it will pay immediately to the said shareholders the total amount of the consideration offered and will take all necessary actions to transfer under its name the shares.