Eurobank S.A., a subsidiary of Eurobank Ergasias Services and Holdings S.A., on Wednesday announced the completion of the squeeze-out procedure for the acquisition of the remaining shares of Hellenic Bank Public Company Limited.  This development follows the approval granted by the Cyprus Securities and Exchange Commission (CySEC) on May 8, 2025, permitting the exercise of the squeeze-out right, thereby allowing Eurobank to acquire one hundred per cent of Hellenic Bank’s shares.  The consideration offered during the squeeze-out procedure matched the amount provided during the earlier takeover bid, specifically €4.843 per Hellenic Bank share, paid in cash.  According to the announcement, the total consideration was disbursed to the eligible shareholders of Hellenic Bank on June 10, 2025.  Letters containing detailed information about the squeeze-out were also sent to these shareholders.  Payment was made through various channels, including the posting of cheques to the addresses recorded in the Central Securities Depository or Central Registry of the Cyprus Stock Exchange.  In addition, funds were transferred directly to the beneficiaries’ bank accounts, to the accounts of the participants as instructed by the beneficiaries, or to a dedicated Cyprus Stock Exchange account for pledged and frozen shares.  Moreover, the Cyprus Stock Exchange (CSE) has been officially notified of the payment to the shareholders.  Consequently, the exchange has transferred ownership of the remaining 8,279,967 shares, equivalent to 2.006 percent of Hellenic Bank’s issued share capital, to Eurobank.  This transfer was made in accordance with article 36 of the Takeover Bids Law of 2007 to 2022 and the provisions of the CSE Regulatory Administrative Act 96/2008, as amended.  The announcement has been made in line with article 36(6) of the aforementioned law and the related regulatory provisions.  The Cyprus Investment and Securities Corporation Limited (CISCO) acted as the Underwriter Operator for this process, in compliance with the Regulatory Act.  It should be mentioned that Hellenic Bank is preparing to adopt a new name following its legal consolidation with Eurobank Cyprus.  The bank’s board of directors decided on May 27 that the newly consolidated entity will be renamed Eurobank Limited, pending the completion of all necessary supervisory approvals.  “The name change is a promise to each of our customers for an even better future,” said CEO Michalis Louis at the time.  “We are moving forward, leveraging the support and expertise of the Eurobank Group, as well as the values and strengths of our people,” he added.  Louis also stated that the bank is “prioritizing the continuous upgrade of our services, strengthening the trust of our customers and creating real value in their everyday lives”. (ICE BEIRUT)

Fonte notizia: Cyprus Mail