Eurobank, which effectively controls Hellenic Bank with a 55.5% stake, is set to reshape the Cypriot lender’s leadership at its upcoming Annual General Meeting (AGM) in mid-September.
Sources familiar with the matter told CNA that Eurobank will propose the appointment of new board members at the AGM, asserting its control over the bank’s strategic direction.
This follows Eurobank’s public offer document where it stated its intention to replace Hellenic Bank’s board members after the offer’s completion, while not offering special benefits to the current board. The public offer closes on July 30.
Eurobank is also planning to transfer four senior executives to Hellenic Bank, potentially triggering leadership changes within Eurobank Cyprus itself.
While Eurobank has previously indicated no immediate changes to Hellenic Bank’s core business activities, it sees potential for growth in areas like corporate banking, treasury services, transactional banking, private banking, and investment services.
Eurobank Cyprus declined to comment at this stage.
