Hellenic Bank’s name will become history after 49 years of operations in the Cyprus market, with the institution set to become Eurobank following completion of its legal merger with Eurobank Cyprus.
The new consolidated bank operating following the legal merger of Hellenic Bank and Eurobank Cyprus is expected to trade under the commercial name Eurobank.
Whilst the name change has not been officially announced, a strategic study conducted by a consultancy firm and presented to Eurobank Group management last week left little room for alternatives other than adopting the name of the majority shareholder that acquired 100% of Hellenic Bank shares.
Banking sources neither confirmed nor denied the rebrand to philenews, stating that any decision remains subject to internal organisational procedures and supervisory approvals from the European Central Bank and Central Bank of Cyprus.
The consolidated bank will operate under the Eurobank commercial name following completion of the legal merger on July 1, according to the timeline.
In practice, this means Hellenic Bank’s 52 branches and 158 ATMs will undergo gradual internal and external changes. Hellenic Bank signage will be removed, logos replaced, and colours and any corporate identity elements referencing Hellenic Bank will be substituted with Eurobank Group branding.
Banking sources did not specify when changes would be completed, though the process is not expected to take long. The cost of Hellenic Bank’s comprehensive rebranding remains unknown.
In March, Hellenic Bank Chief Executive Michalis Louis told media that approvals for the legal merger should be expected by mid-June, marking the first phase of consolidation. The second operational merger phase would begin immediately following legal merger approvals to avoid any time loss.
Louis stated that successful mergers typically require approximately two years, a timeframe characterised as reasonable. Bank executives repeatedly emphasised that customers would not notice any impact from the two banks’ consolidation.
In first quarter 2025 results, Louis said: “Following successful completion of the mandatory public takeover offer, Eurobank Group increased its participation to approximately 98% and is now proceeding to secure full ownership. As a Eurobank Group member, we focus on integrating Hellenic Bank with Eurobank Cyprus, further improving customer experience, supporting economic development and creating value for our clients. Additionally, CNP Cyprus Insurance Holdings acquisition has been completed. These developments represent significant milestones in our pursuit to become one of Cyprus’s leading financial services providers”.
In April, Eurobank Group Chief Executive Fokion Karavias told shareholders at the group’s annual general meeting that the bank was proceeding with Hellenic Bank’s legal merger with Eurobank Cyprus whilst simultaneously developing the region’s largest insurance group.
“Having substantially acquired all Hellenic Bank shares, we have already begun the legal merger process with Eurobank Cyprus, which will be completed in the coming months. Simultaneously, following CNP Cyprus insurance acquisition, merger with insurance companies belonging to Hellenic Bank will follow. Thus we are creating Cyprus’s strongest bancassurance organisation, but our objective is not limited to conquering and utilising first position. Our intention is establishing a pioneering financial organisation in Cyprus that contributes to further development and transformation of the Cypriot economy,” he said.
