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FinMin welcomes Eurobank’s recent activities in Cyprus

Finance Minister Makis Keravnos welcomed Eurobank Group’s recent business activities in Cyprus, during a meeting with the Greek bank’s Board of Directors in Nicosia.

The ministry said in a press release that the meeting focused on the positive prospects of the Greek and the Cypriot economies, as well as the robustness of the two countries’ banking sectors.

Eurobank, which operates in Cyprus through its subsidiary Eurobank Cyprus, is the largest shareholder in Hellenic Bank, Cyprus' second largest lender, having acquired 55.3% of its share capital; though this is still pending regulatory approvals.

After approval of the qualified holding, Eurobank will submit a mandatory tender offer for the remainder of Hellenic Bank’s share capital. Eurobank has said that its investment in Hellenic Bank may exceed €800 million. Fokion Karavias, Eurobank Group’s CEO, has said the Group’s ultimate aim is to merge the two banks.

“The Minister of Finance stressed the importance of attracting foreign investments and welcomed Eurobank Group’s recent business activities in Cyprus,” the Ministry added.

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