Eurobank Finalizes Full Acquisition of Hellenic Bank; Rebranding to Follow

Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A., has officially completed its acquisition of 100% of Hellenic Bank Public Company Limited, marking the final stage of a process that included the execution of a squeeze-out procedure.

The announcement came on Wednesday, following the green light from the Cyprus Securities and Exchange Commission (CySEC) on May 8, 2025, authorizing the final acquisition steps.

The squeeze-out allowed Eurobank to obtain full ownership of Hellenic Bank’s outstanding shares at a cash price of €4.843 per share—the same valuation used during the preceding takeover bid. According to the bank’s announcement, the payment to the remaining eligible shareholders was executed on June 10, 2025.

Letters with comprehensive information about the squeeze-out process were dispatched to shareholders, providing instructions and details regarding the transaction. The financial settlement was made through several channels, including the issuance of cheques to addresses registered in the Central Securities Depository and Central Registry of the Cyprus Stock Exchange. Additionally, transfers were made directly to beneficiaries’ bank accounts or to participants’ accounts as instructed by the shareholders. In cases involving pledged or frozen shares, funds were deposited into a designated Cyprus Stock Exchange account.

With the payment now complete, the Cyprus Stock Exchange has officially transferred the remaining 8,279,967 shares—representing 2.006% of Hellenic Bank’s issued share capital—to Eurobank. This transfer was carried out under the provisions of article 36 of the Takeover Bids Law of 2007 to 2022, as well as the corresponding Regulatory Administrative Act 96/2008, as amended. The notification was made in accordance with article 36(6) of the Takeover Bids Law and the related regulatory framework.

The Cyprus Investment and Securities Corporation Limited (CISCO) served as the Underwriter Operator for the entire process, in compliance with the regulatory guidelines.

As the merger process reaches its conclusion, Hellenic Bank is preparing to undergo a rebranding. Following a board decision on May 27, the unified entity will soon operate under the name Eurobank Limited, subject to the completion of all required supervisory approvals.

“The name change is a promise to each of our customers for an even better future,” said Hellenic Bank CEO Michalis Louis. He stressed the importance of the transformation, stating, “We are moving forward, leveraging the support and expertise of the Eurobank Group, as well as the values and strengths of our people.”

Louis further emphasized the group’s strategic vision: “We are prioritising the continuous upgrade of our services, strengthening the trust of our customers and creating real value in their everyday lives.”

This acquisition and the upcoming rebranding signal a new era for the institution, positioning it more closely within the Eurobank Group’s larger regional operations and underlining its commitment to growth, innovation, and customer-centric banking. 

By fLEXI tEAM