Hellenic Bank has announced the receipt of all required regulatory approvals for its merger with Eurobank Cyprus, marking the beginning of a new era for the country’s banking sector.
In accordance with the Transfer of Banking Business and Collateral Law of 1997, on 1 September the transfer of all assets and liabilities of Eurobank Cyprus to Hellenic Bank will take place. The merger of the two banks creates a unified, strong, and modern financial organisation that will be able to provide upgraded banking and insurance services to its clients, supporting the growth of Cyprus’ economy, a press release said.
At the same time, the process of changing the name of Hellenic Bank Public Company Ltd to Eurobank Limited is underway, as has already been announced. The new name reflects the shared vision, dynamism, and innovation that characterise the Eurobank Group, embodying the strategy of the unified organisation for sustainable growth and a client-centric approach, the press release added.
A historic milestone for Cyprus' banking sector
Michalis Louis, Hellenic Bank's Chief Executive Officer, said: “Today’s development marks a historic milestone for the banking sector of Cyprus and for all of us in the Group. The unification of Hellenic Bank with Eurobank Cyprus creates a strong, unified organisation with deep experience, expertise, and dynamism. With a reinforced presence in the banking and insurance sectors, we are now in a position to offer more comprehensive and innovative secure solutions to our customers, meeting the modern needs of society and the economy. The new Eurobank Ltd is not simply a change of name. It is the expression of a shared vision for sustainable growth, technological advancement, and human-centred service. We are not only creating the largest banking and insurance organisation in Cyprus, but also a strong pillar for its emergence as an international financial centre and as a bridge of economic and business cooperation between the European Union and our wider geographic region. Our priority remains a smooth and seamless transition into this new era, with absolute respect for the needs and expectations of our customers, our partners, and the society that has consistently placed its trust in us.”
For more information regarding the merger, customers can visit https://www.hellenicbank.com/faqs, contact their relationship manager or the Customer Contact Centre (8000 9999 from Cyprus, +357 22500500 from abroad), or send an email to contact@hellenicbank.com.
