Greece’s Eurobank to buy additional 13.4% stake in Cypriot Hellenic Bank

ATHENS (Reuters) – Eurobank, one of Greece’s largest lenders, said on Thursday it agreed to acquire an additional 13.4% stake in Cypriot Hellenic Bank from Wargaming Group Ltd for 70 million euros ($73.15 million).

The Greek lender, with a current market value of 4.04 billion euros, holds 12.6% in Hellenic Bank. Post the completion of the transaction, Eurobank’s total holding in Hellenic Bank will amount to 26.0%.

The acquisition is aligned with Eurobank’s strategy to further strengthen its presence in its core markets and “is a vote of confidence to the positive prospects of the economy of Cyprus”, Eurobank said in a statement.

The acquisition is subject to regulatory approvals, and until that time, Wargaming Group will have the full legal and beneficial ownership of the 55.37 million shares agreed to be sold, it added.

($1 = 0.9569 euros)

(Reporting by George Georgiopoulos; Editing by Rashmi Aich)