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Hellenic Bank’s Transformative Year: A Look at 2024 Achievements and Future Plans

by News Editor

February 27, 2025

In a remarkable financial year, Hellenic Bank (HB) announced a landmark €383 million profit for 2024, highlighting a pivotal transformation in its operations and ownership structure. Michalis Louis, CEO of Hellenic Bank, emphasized the year’s significance, pointing to robust financial performance and strategic growth.

With its integration into the Eurobank Group, HB is on track to become one of Cyprus’s leading financial powerhouses. The merger will strengthen its position, creating a formidable banking entity. Further bolstering its market influence, Hellenic Bank is set to finalize the acquisition of CNP Cyprus Insurance Holdings, solidifying its status as a top insurance provider in the region.

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The bank reported a CET1 ratio of 28.7% and a Total Capital ratio of 32.2%, far surpassing the regulatory minimums. Its de-risked balance sheet is noteworthy, with a non-performing exposure ratio of 2.4% and coverage of 63%. These metrics reflect a strategic focus on stability and growth.

Hellenic Bank’s financial achievements are underscored by a 10% year-over-year net profit increase and a 23% return on tangible equity. With €1.1 billion in new lending, the bank remains committed to propelling the domestic economy forward. The liquidity coverage ratio of 519% indicates strong fiscal health and readiness for future expansion.

Looking ahead, Eurobank Group’s anticipated complete acquisition of HB will cement the bank’s influence in the sector. Michalis Louis expressed optimism about the upcoming merger with Eurobank Cyprus, seeing it as a strategic alignment to enhance customer services and product offerings.

As Hellenic Bank grows, it remains dedicated to supporting the Cypriot economy, fostering economic growth, and ensuring a sustainable banking system. This commitment extends to the impending acquisition of CNP Cyprus Insurance, expected to conclude in early 2025.

In other notable figures, the 2024 financials reveal a 12% rise in net interest income to €599 million, alongside a solid cost-to-income ratio of 40%. Additionally, ample liquidity is demonstrated by the maintenance of €5.6 billion in the European Central Bank and a 36.6% net loans to deposits ratio.

Anchored by Eurobank Group’s extensive assets, Hellenic Bank is poised for continued growth, aiming to deliver unparalleled customer experiences in Cyprus.

For more on regional economic improvements, read about the New Tax Era in Cyprus and its implications.

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

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Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.