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Eurobank Set To Solidify Control Of Hellenic Bank With Expanded Stake

by THEFUTURE.TEAM

November 26, 2024

Eurobank is poised to increase its stake in Hellenic Bank to an impressive 93.47%, following agreements to purchase additional shares from Demetra Holdings Plc and Logicom Services Limited.

In an official announcement, Eurobank detailed its agreements to acquire a 24.66% stake (101,794,409 shares) in Hellenic Bank for approximately €493 million, pricing each share at €4.843.

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Breaking down the deal, Eurobank will purchase 88,064,705 shares (21.33%) from Demetra for roughly €426 million and 13,729,704 shares (3.33%) from Logicom for around €66 million.

The acquisition is contingent upon regulatory approvals and the consent of Demetra’s General Assembly. The transaction is expected to be completed no sooner than February 8, 2025, six months after the finalization of a mandatory tender offer. Until then, Demetra and Logicom will retain full legal and beneficial ownership of the shares, including associated rights.

Additionally, the agreed price of €4.843 per share will apply to transactions with the Cyprus Union of Bank Employees (ETYK), the Cyprus Bank Employees Welfare Fund, the Cyprus Bank Employees Health Fund, and the Financial Sector Provident Fund, as confirmed in a November 7 announcement.

Currently holding a 55.962% stake in Hellenic Bank, Eurobank’s acquisition will bring its total ownership to 93.47% once both the new transaction and ETYK-related deals are finalized.

In compliance with Cyprus’ Takeover Bids Law of 2007, Eurobank plans to initiate a tender offer for all remaining shares of Hellenic Bank at the same price (€4.843 per share). Upon securing over 90% of the bank’s share capital and voting rights, Eurobank intends to invoke its squeeze-out rights under Article 36 of the law, paving the way for the delisting of Hellenic Bank’s shares from the Cyprus Stock Exchange.

Furthermore, Eurobank revealed a separate agreement with Logicom to sell 8.58% of Demetra shares (17,152,353 shares), which Eurobank had previously acquired on November 8. This transaction, valued at approximately €27 million (€1.55 per share), awaits regulatory clearance before completion.

Following announcements by Demetra Holdings and Logicom, the Cyprus Stock Exchange suspended trading of their shares for the day to safeguard investor interests.

This strategic expansion signals Eurobank’s commitment to consolidating its position in the Cypriot banking sector while navigating regulatory processes and market dynamics.

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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.