Hellenic Bank acquires Moscow building, Telonis GM

Hellenic Bank, Cyprus’ third largest lender with a presence in Greece announced the purchase of a building in Moscow, which will be used to house the Head office and the bank’s first branch in Russia. The purchase was realized with the acquisition from a subsidiary of Hellenic Bank in Cyprus, of the entire capital of a Russian company which owns the building facilities, for approximately EUR13 mln.

The process for the acquisition of a permission to execute bank operations in Russia is at the final stage with the submission of the related application to the Russian Central Bank on 31.7.2008.

At the same time, the bank mentions an agreement with a banking systems supply company for the purchase and installation of the banking system that will be installed in Russia.
Moreover, the staffing of the subsidiary bank in Russia has commenced and Yiannis Telonis has been named as General Manager.