Hellenic Bank Public Company Ltd (Greek: Ελληνική Τράπεζα Δημόσια Εταιρία Λτδ) (CSE: HB) is in Cyprus.

History[edit]

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The bank was founded in 1976 with technical assistance from Bank of America and in 1996 it bought the local operations of Barclays Bank.^{[citation needed]} A major shareholder (29%) was traditionally and for many years, the Church of Cyprus. Between November 2013 and December 2014, the Church's shareholding shrank to 0.3% making it a small shareholder, after Cyprus based Demetra Investments Public Ltd holding 21%, Belarus owned video game company Wargaming Group Limited holding 20.6%,^[1] US investment manager PIMCO via Poppy Sarl, holding 17.3%, US based CPB FBO Third Point Hellenic Recovery Fund LP holding 12.6%,^[2] the bank workers trade union ETYK provident fund holding 6.26%, Canadian based Senvest International LLC/ Senvest Masterfund LP holding 4.64% and Cyprus based 7Q Financial Services Ltd holding 2.53%.^[3] The board is composed of representatives of the top five shareholders.

In January 2011, Hellenic Bank started operating in Russia but later, in 2014, sold the Russian operation^[4][5] The bank also has representative offices in Kiev, St Petersburg and Moscow. It is also opening a representative office in Athens, Greece in 2017.^[6]

On 25 March 2013 Hellenic Bank sold its Greek branches to Piraeus Bank. As of 27 March 2013, former Hellenic Bank customers could use the ATMs of all Piraeus Bank Group banks (Piraeus Bank & ATEbank, Geniki Bank and former Bank of Cyprus and CPB Bank networks) free of charge. The process of merging the operations of the former Hellenic Bank network in Greece into Piraeus Bank was completed in mid-July 2013. This was followed by the closure of the vast majority of the former Hellenic Bank branches and the dismissal of its personnel.^[7]

In 2015 EBRD acquired a 5.4% share in Hellenic Bank.^[8]

In 2016, Hellenic Bank received a Global Finance Magazine award for the third consecutive year as the Best Digital Bank in Cyprus ^[9] and was upgraded to B rating by Fitch.^[10]

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In July 2017, Hellenic Bank sold 51% of its Arrears Management Division (2.3bn Euro in Non Performing Exposures and 150mn Euro in property), including its Debt Recovery Unit and Property Management Unit to Czech specialised firm APS Holdings a.s and created a new company in which it is a minority 49% shareholder: APS Debt Servicing Cyprus Ltd. 129 Hellenic Bank employees will move to the new company.^[11]

In July 2018, Hellenic Bank purchased the performing loans and deposits of the Cyprus Cooperative Bank, including 75 branches and 1,100 staff, raising €150mn in new capital and making it the second largest Cypriot Bank with a 31% share of the Cypriot deposit market and 20% of the loans market. Youssef Nasr became Chairman of the board of Directors.

In August 2019, Evripides Polycarpou became Chairman of the board of Directors

References[edit]

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1. ^'Terms of Service Violation'. Bloomberg.com. Retrieved 13 August 2018.
2. ^'Archived copy'. Archived from the original on 2017-04-26. Retrieved 2017-03-07.CS1 maint: archived copy as title (link)
3. ^'Phileleftheros dot com - Hellenic: The 55 largest shareholders (list) in Greek'. Philenews.com. Retrieved 30 March 2019.
4. ^'Archived copy'. Archived from the original on 2010-06-28. Retrieved 2010-06-25.CS1 maint: archived copy as title (link)
5. ^'Announcement Variation'. Oam.cse.com.cy. Retrieved 13 August 2018.
6. ^'Archived copy'. Archived from the original on 2016-10-21. Retrieved 2016-09-29.CS1 maint: archived copy as title (link)
7. ^'Archived copy'. Archived from the original on 2016-10-02. Retrieved 2016-09-29.CS1 maint: archived copy as title (link)
8. ^'EBRD acquires 5.4% share in Hellenic Bank'. Sigmalive.com. Retrieved 13 August 2018.
9. ^'Ελληνική Τράπεζα: Καλύτερη Ηλεκτρονική Τράπεζα Ιδιωτών & Επιχειρήσεων στην Κύπρο'. Stockwatch.com. 24 August 2016. Retrieved 13 August 2018.
10. ^'Fitch upgrades two Cyprus banks' ratings to 'stable' - News'. Sigmalive.com. Retrieved 13 August 2018.
11. ^'HB: Νέα εταιρεία για NPLs €2,4 δισ'. Stockwatch.com. 11 January 2017. Retrieved 13 August 2018.

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