FINANCE: Hellenic finally integrating systems with former Co-op bank

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Monday is to see the final stage of the absorption of the defunct Co-op within Hellenic Bank, with customer accounts being transferred to Hellenic’s systems, almost one year after the takeover.

The completion will mark the transition of Hellenic Bank into a new era, with the operation of a single banking organization following the merger of 400,000 customer accounts.

This will put an end the branch-in-branch phenomenon which saw clients of the two banks forming two lines waiting to be serviced by a different set of employees.

"With the integration of systems and data, we will be operating as one bank, ready to serve all our customers uniformly with the same systems and processes from all points of service (branches, business centres, online channels, ATMs, etc.), Fivos Leontiou, Hellenic's chief integration officer told CNA.

This is perhaps the most exciting time in the bank's history, and the staff are showing unparalleled determination to bring the integration project to a successful conclusion," he added.

Countdown to the integration of the two banking systems began on Friday morning, as branches closed to prepare for the new era.

Hellenic has also terminated all Co-op online applications such as iBanking and mobile apps.

Clients of the former Co-op will be able to use Hellenic's online systems as of Monday 16 September, by following instructions available on Hellenic's webpage

Co-op clients will be able to use their cards to withdraw cash and pay for goods during the weekend.

Hellenic said Co-op clients will see their IBANs BIC codes change. The new codes will be available on their statements to be sent out on Monday.

The Co-op deal included acquisition of a balance sheet totaling €9.3 bln, comprising of loans of €4.0 bln (€3.6 bln of performing loans and €400 mln of NPEs), Cyprus Government Bonds (“CGBs”) (€4.1 bln), cash (€1.0 bln), customer deposits (€8.8 bln) and certain other current liabilities and assets.