Eurobank announced agreements with Demetra Holdings and Logicom Services Limited to acquire a 24.66% stake in Hellenic Bank for a total consideration of approximately €493 million.

Specifically, Eurobank will acquire 88,064,705 shares of Hellenic Bank (21.33%) from Demetra for a consideration of approximately €426 million and 13,729,704 shares of Hellenic Bank (3.33%) from Logicom for a consideration of approximately €66 million. 

The transaction is subject to regulatory approvals as well as the approval of the General Meeting of Demetra's shareholders and will be completed upon their full satisfaction and, in any event, no earlier than 8 February 2025, i.e., six months after the completion of the previous mandatory public offering. Until such time, the Sellers will continue to retain full legal and beneficial ownership of the shares for sale and all rights thereunder.

The price agreed with the Cyprus Bankers' Union, the Cyprus Bankers' Welfare Fund, the Cyprus Bankers' Union (mental and physical) Health Fund, and the Cyprus Bankers' Welfare Fund, in accordance with the announcement of 7 November, will also be adjusted to EUR 4.843 per share. 

Eurobank already holds a 55.962% stake in Hellenic Bank, and therefore, following the completion of the transaction and the ETYK transaction, its shareholding will amount to 93.47%. 

In compliance with the provisions of the Public Offers Law of 2007 under Cypriot law (the "Law"), Eurobank will, upon completion of the transaction, make a public offer for all shares in Hellenic Bank not then owned by it at the same price, i.e., €4,843 per share. Since, upon completion of the public offe, Eurobank will hold more than 90% of the issued share capital and voting rights of Hellenic Bank, Eurobank will exercise its right of redemption pursuant to Article 36 of the Law and will take all necessary steps to delist the shares of Hellenic Bank from the Cyprus Stock Exchange. 

In addition, Eurobank announces the conclusion of a share purchase agreement with Logicom, under which Logicom has agreed to aacquire,for a total consideration of approximately EUR 27 million or EUR 1.55 per share (closing price on Friday, 22 November), 8.58% of Demetra (17,152,353 shares), which was acquired by Eurobank on 8 November. This transaction is subject to regulatory approvals and will be completed once they have been fully fulfilled.