Church of Cyprus increases stake in Hellenic Bank

The Church of Cyprus has increased its stake in Cyprus’ third largest lender, Hellenic Bank Pcl (HB) through big block trading passed through the Cyprus Stock Exchange on October 10, 2007.

Specifically, Athena Cyprus Investments (ATH), which was successfully acquired by Hellenic Bank earlier in the year sold 2.8 mln shares of HB at EUR 5.40 amounting to EUR 15.3 mln.

The purchasers were  the Constantias & Amochostou Monastry with 2 mln and Trimithountas Monastry with 842.238 shares. The combined Church stake in HB is now seen at 27%.

Athena, which is a 78% subsidiary of HB, disposed all its participation in the Bank, whilst the control of the Holy Church of Cyprus increased by 1% with the Church of Cyprus’ direct and indirect control reaching 29%.