CYPRUS: Hellenic Bank satisfied with share capital increase completion

Hellenic Bank said the completion of its €150 mln share capital increase and the listing of new ordinary shares on the Cyprus Stock Exchange marks “an important milestone for the acquisition of ex-Cyprus Cooperative Bank business”.

---

Hellenic Bank said its NPEs ratio, excluding NPEs covered by the Asset Protection Scheme (APS), has dropped from 52% to 25.6% as at 30 September 2018, while the ratio of Net NPEs, excluding NPEs covered by APS, to assets was reduced from 12% to 4%.

It has a pro forma CET1 ratio of 17.8% and capital adequacy ratio of 20.4, which are “much higher than minimum requirements, subject to regulatory approvals.”

"Through the acquisition of ex-CCB business and the share capital increase, the Bank has substantially strengthened its financial position and banking franchise across Cyprus with an enlarged and diversified customer base," Hellenic said.

The Bank also outlined its need major shareholder landscape with those holding more than 5% of the issued share capital of the company:

Shareholder             Direct Holding     Total Holding

Wargaming Group        20.19%               20.61%

Demetra Investment    18.42%               18.42%

Poppy SARL                    17.30%               17.30%

Third Point                      12.59%               12.59%

7Q Invest                         8.83%                    8.83% 

The 0.42% indirect holding of Wargaming, refers to the Provident Fund Executive Directors of Wargaming and the Provident Fund Senior Management Personnel Wargaming.

Logicom Services, which has a direct holding of 0.71% in Hellenic Bank also has a 29.62% holding in Demetra Investment.

It is further noted that 7Q Invest Ltd – Multi Opportunities also holds 5.74% of the issued share capital of Demetra Investment.