The reasoning behind Bank of Cyprus' investment in Wealthyhood was explained by the Bank's CEO, Panicos Nicolaou, emphasising that "we believe it is an app that has potential."
More specifically, in the context of briefing journalists in Athens, following the recent Investor Update and when asked to mention the possibility of new acquisitions, Nicolaou said that "yesterday (Tuesday, 3 March) we announced the investment in Wealthyhood which allows us to offer digital access to our clients, in the private sector, to a range of ETFs".
As he explained, "We have acquired a minority stake in a pan-European technology company with a broker-dealer license. So through this company, the Bank will be able to offer its clients, in the private sector, the ability to buy a range of ETFs from their mobile phone."
At the same time, he stated that "it is an app that we believe has potential."
At the same time, the CEO clarified that there is no intention to increase the percentage of participation in the company, emphasising that the idea for the Bank to invest in Wealthyhood "began in an effort to offer our clients the opportunity to invest in simple investment products via mobile phone."
The investment
It is recalled that, as announced, the Bank of Cyprus signed an agreement with GlobalWealth Group PLC, through which it becomes an investor and strategic partner in Wealthyhood, an affiliated company of the Group.
According to the same announcement, the participation of Bank of Cyprus in the share capital of Wealthyhood will be made with a total investment amount of €6,000,000, while the price per share of this capital increase amounts to €87.1.
It is noted that after the execution of all corporate transactions of Wealthyhood, GWG is expected to end up owning 25.31% of the issued share capital and Bank of Cyprus 26.45%.
Wealthhood
It is worth mentioning that Wealthyhood is an app that helps new investors learn, save, and invest their money. Its goal is to make investing easier, more accessible, and more transparent, offering the best investment app anyone could ask for.
Based on what is stated on the company's website, Wealthyhood's experience includes:
- Education: In the Learning Hub you will find daily news, expert analysis, educational guides, a glossary, a daily newsletter with short summaries and tools that guide you every step of the way.
- Savings: Savings Vaults are accounts that offer a higher interest rate on the money of those who invest.
- Investment: The platform offers a comprehensive investment experience, both for beginners and experienced investors.
- Automation: Wealthyhood Autopilot takes on the task of automatically making investors' monthly investments and savings, so they can build their wealth, month after month, without thinking about it.
Today, moreover, Wealthyhood offers a wide variety of stocks, ETFs, mutual funds and Money Market Funds from around the world.
- ETFs: You can invest in stock, bond, commodity and real estate ETFs, from different sectors and countries. You also have access to a wide range of thematic ETFs, in Biotechnology, Cloud Computing, Artificial Intelligence, Digitisation, Green Energy, Video Gaming and many more.
- Stocks: Wealthyhood offers a wide variety of stocks from international markets, including the US, UK, and Europe, such as NVIDIA, Apple, Amazon, Tesla, and many more.
- Money Market Funds: MMFs are an alternative to traditional deposit accounts, offering competitive interest rates that allow your savings to grow faster – while keeping your money safe.
(Source: InBusinessNews)
