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Eurobank officially becomes main shareholder in Hellenic

Eurobank announced that it has increased its stake in Hellenic Bank to 55.3% and issued a public takeover bid to the latter’s shareholders.

Eurobank Ergasias Services and Holdings SA, a subsidiary of Eurobank Group, announced on the Cyprus Stock Exchange (CSE) on 3 June that after being granted relevant regulatory approval, it acquired a 26.1% stake (107,694,301 shares) in Hellenic Bank for €275.7m – that is roughly €2.56 per share.

Breaking this down, it specifically purchased:

- 71,428,572 shares (17.30%) from Poppy Sàrl for around €182.9m

- 6,555,717 shares (1.59%) from investment funds managed by Senvest Management LLC for around €16.8

- 28,023,767 shares (6.79%) from Wargaming Group Limited for around €71.7m

- 857,142 shares (0.21%) from the Provident Fund for the Executive Directors of Wargaming Group Limited for around €2.2m, and

- 829,103 shares (0.20%) from the Provident Fund for the Senior Management Personnel of Wargaming Group Limited for around €2.1m.

Prior to the Transaction, Eurobank held 120,559,360 shares, representing 29.20% of the total issued share capital of Hellenic Bank.

Following the Transaction, in accordance with articles 13 and 6(2) of the Public Takeover Bids Law of 2007 of the Republic of Cyprus, L.41(I)/2007, as amended (the "Law"), Eurobank ("Bidder") announces the submission of a Mandatory Public Takeover Bid ("Takeover Bid") to the shareholders of Hellenic Bank for the acquisition of up to 100% of the issued share capital of Hellenic Bank.

The offered consideration for the acquisition of Hellenic Bank shares is €2.56/share and will be paid in cash to all shareholders who accept the Public Takeover Bid.

Currently, the total issued share capital of Hellenic Bank consists of 412,805,230 ordinary shares with a nominal value of €0.50 each.

As the Bidder holds more than 50% of the voting rights of Hellenic Bank, the Takeover Bid is not subject to any objections.

The Bidder has made all the necessary arrangements with a banking institution in Cyprus for the payment of the proposed consideration to the shareholders of Hellenic Bank who will accept the Takeover Bid, the announcement said.

The Takeover Bid is subject to approval by the Cyprus Securities and Exchange Commission, to which the relevant Takeover Bid Document will be submitted after this announcement, as provided by the Law.

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