Hellenic Bank
{{Short description|Cypriot bank}}
{{Infobox company
| name = Hellenic Bank Public Company Ltd
| logo = Logo of Hellenic Bank.jpg
| caption =
| native_name = Ελληνική Τράπεζα Δημόσια Εταιρεία Λτδ
| native_name_lang = el
| type = Public
| traded_as = CSE: HB
| foundation = {{sda|1976}}
| locations = 53 branches (Q4 2023)
| key_people = Petros Christodoulou (Chairman)
Michalis Louis (CEO)
| area_served = Republic of Cyprus
| industry = Banking, financial services
| operating_income = €405.2 million (2023)https://www.hellenicbank.com/portalserver/content/api/contentstream-id/ba122ca0-b615-4054-878e-cf272e6e3254/80561a4c-c994-44da-be07-442e8bc50753/PDF/Announcements/2021/Annual%20Financial%20Results%20for%202020/Annual%20Financial%20Report%20for%20the%20year%20ended%2031%20December%202020-EN-new.pdf {{Bare URL PDF|date=March 2022}}
| ratio = Capital Ratio: 22.8% fully loaded CET1 (2023)
| num_employees = 2,255 (Q1 2024)
| owner = Eurobank (93.5%)
Others (6.5%)
{{cite news | url=https://www.eurobank.gr/el/omilos/grafeio-tupou/etairiki-anakoinosi-01-12-22/ | title=Η Eurobank ανακοινώνει τη σύναψη συμφωνίας για την απόκτηση ποσοστού 13,41% στην Ελληνική Τράπεζα }}{{cite web | url=https://www.hellenicbank.com/portalserver/hb-en-portal/en/about-us/investor-relations/show-me/stock-information | title=Shareholder Information }}
| subsid = Pancyprian Insurance, Hellenic Life, CNP Asfalistiki
| homepage = {{url|http://www.hellenicbank.com}}
}}
Hellenic Bank Public Company Ltd ({{langx|el|Ελληνική Τράπεζα Δημόσια Εταιρία Λτδ}}; CSE: HB) is a bank in Cyprus. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.{{cite web |website=European Central Bank |title=The list of significant supervised entities and the list of less significant institutions |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm-listofsupervisedentities1409en.pdf |date={{date|2014/09/04}} }}{{cite web |website=European Central Bank |title=List of supervised entities |date={{date|2023/01/01}} |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202302.en.pdf }}
History
The bank was founded in 1976 with technical assistance from Bank of America and in 1996 it bought the local operations of Barclays Bank.{{citation needed|date=June 2017}} A major shareholder (29%) was traditionally and for many years, the Church of Cyprus. Between November 2013 and December 2014, the Church's shareholding shrank to 0.3% making it a small shareholder, after Greek bank Eurobank Ergasias holding 68.81% and Cyprus based Demetra Holdings Plc with 21%, (Logicom Plc the owner of Demetra Holdings Plc also holds c 4% direct shareholding in the bank).{{cite web|url=http://www.philenews.com/oikonomia/kypros/article/678728/elliniki-oi-55-meglyteroi-metochoi-lista|title=Phileleftheros dot com - Hellenic: The 55 largest shareholders (list) in Greek|website=Philenews.com|access-date=30 March 2019}} The board is composed of representatives of the top two shareholders.
In January 2011, Hellenic Bank started operating in Russia but later, in 2014, sold the Russian operation{{Cite web |url=http://www.themoscowtimes.com/business/article/cypriot-bank-to-enter-russian-market-in-2011/409049.html |title=Cypriot Bank to Enter Russian Market in 2011 | Business | the Moscow Times |access-date=2010-06-25 |archive-url=https://web.archive.org/web/20100628014412/http://www.themoscowtimes.com/business/article/cypriot-bank-to-enter-russian-market-in-2011/409049.html |archive-date=2010-06-28 |url-status=dead }}{{cite web|url=http://oam.cse.com.cy/Announcement/announcementvariation/12649|title=Announcement Variation|website=Oam.cse.com.cy|access-date=13 August 2018|archive-date=21 October 2016|archive-url=https://web.archive.org/web/20161021204640/http://oam.cse.com.cy/Announcement/announcementvariation/12649|url-status=dead}} The bank also had representative offices in Kyiv (Ukraine), St Petersburg and Moscow (Russia) as well as South Africa but later shut them down. It was also opening a representative office in Athens, Greece in 2017.{{Cite web |url=https://www.hellenicbank.com/easyconsole.cfm/id/1437 |title=Hellenic Bank Public Company Ltd - Representative Offices |access-date=2016-09-29 |archive-url=https://web.archive.org/web/20161021204243/https://www.hellenicbank.com/easyconsole.cfm/id/1437 |archive-date=2016-10-21 |url-status=dead }}
On 25 March 2013 Hellenic Bank sold its Greek branches to Piraeus Bank. As of 27 March 2013, former Hellenic Bank customers could use the ATMs of all Piraeus Bank Group banks (Piraeus Bank & ATEbank, Geniki Bank and former Bank of Cyprus and CPB Bank networks) free of charge. The process of merging the operations of the former Hellenic Bank network in Greece into Piraeus Bank was completed in mid-July 2013. This was followed by the closure of the vast majority of the former Hellenic Bank branches and the dismissal of its personnel.{{Cite web |url=http://www.centralbank.gov.cy/nqcontent.cfm?a_id=12677&lang=en |title=Sale of the branches of the three Cypriot banks in Greece - Central Bank of Cyprus |access-date=2016-09-29 |archive-url=https://web.archive.org/web/20161002150703/http://www.centralbank.gov.cy/nqcontent.cfm?a_id=12677&lang=en |archive-date=2016-10-02 |url-status=dead }}
In 2015 EBRD acquired a 5.4% share in Hellenic Bank.{{cite web|url=http://www.sigmalive.com/en/news/economy/135775/ebrd-acquires-54-share-in-hellenic-bank|title=EBRD acquires 5.4% share in Hellenic Bank|website=Sigmalive.com|access-date=13 August 2018}}
In 2016, Hellenic Bank received a Global Finance Magazine award for the third consecutive year as the Best Digital Bank in Cyprus {{cite web|url=http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=260224&lang=en|title=Ελληνική Τράπεζα: Καλύτερη Ηλεκτρονική Τράπεζα Ιδιωτών & Επιχειρήσεων στην Κύπρο|date=24 August 2016|website=Stockwatch.com|access-date=13 August 2018|archive-date=21 October 2016|archive-url=https://web.archive.org/web/20161021210821/http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=260224&lang=en|url-status=dead}} and was upgraded to B rating by Fitch.{{cite web|url=http://www.sigmalive.com/en/news/economy/144353/fitch-upgrades-two-cyprus-banks-ratings-to-stable|title=Fitch upgrades two Cyprus banks' ratings to 'stable' - News|website=Sigmalive.com|access-date=13 August 2018}}
In July 2017, Hellenic Bank sold 51% of its Arrears Management Division (2.3bn Euro in Non Performing Exposures and 150mn Euro in property), including its Debt Recovery Unit and Property Management Unit to Czech specialised firm APS Holdings a.s and created a new company in which it is a minority 49% shareholder: APS Debt Servicing Cyprus Ltd. 129 Hellenic Bank employees will move to the new company.{{cite web|url=http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=269490|title=HB: Νέα εταιρεία για NPLs €2,4 δισ.|date=11 January 2017|website=Stockwatch.com|access-date=13 August 2018|archive-date=16 January 2017|archive-url=https://web.archive.org/web/20170116165335/http://www.stockwatch.com.cy/nqcontent.cfm?a_name=news_view&ann_id=269490|url-status=dead}}
In July 2018, Hellenic Bank purchased the performing loans and deposits of the Cyprus Cooperative Bank, including 75 branches and 1,100 staff, raising €150mn in new capital and making it the second largest Cypriot Bank with a 31% share of the Cypriot deposit market and 20% of the loans market. Youssef Nasr became chairman of the board of Directors.
In August 2019, Evripides Polycarpou became chairman of the board of Directors. In July 2021 German Oliver Gatzke became CEO.{{Cite web |last= |date=2021-03-23 |title=Hellenic Bank appoints German finance specialist Oliver Gatzke CEO {{!}} Cyprus Mail |url=https://cyprus-mail.com/2021/03/23/hellenic-bank-appoints-german-finance-specialist-oliver-gatzke-ceo/ |access-date=2023-06-16 |website=cyprus-mail.com/ |language=en-GB}}
On the 30th of November 2022, Wargaming Group Limited announced that it reached an agreement to sell a holding of 13.41% (55,337,721 Shares) of Hellenic Bank Public Company Ltd to Eurobank for a consideration of €70 million.{{cite web|url=https://cyprus-mail.com/2022/12/02/wargaming-group-announces-agreement-to-sell-hellenic-bank-share-to-eurobank/|title=Wargaming Group announces agreement to sell Hellenic Bank share to Eurobank|date=2 December 2022|website=Cyprus-Mail.com|access-date=20 December 2022}} If the agreement goes through by the supervisory authorities in Frankfurt, Eurobank will be the major shareholder of the bank with a 26.1% ownership.{{cite web|url=https://cyprus-mail.com/2022/12/01/eurobank-to-become-hellenic-bank-majority-shareholder/|title=Eurobank to become Hellenic Bank main shareholder|date=1 December 2022|website=Cyprus-Mail.com|access-date=20 December 2022}}
Early in January 2023, Eurobank announced the acquisition of a 3.2% holding (13,230,000 shares) in Hellenic Bank Public Company Limited from funds managed by Senvest Management LLC, for a consideration of €16.74m, therefore increasing the total holding to 29.2%.{{cite web|url=https://www.stockwatch.com.cy/en/article/trapezes/eurobank-further-increases-its-stake-hellenic-bank |title= Eurobank further increases its stake in Hellenic Bank |date=2 January 2023|website=stockwatch.com.cy|access-date=12 May 2023}}
The Bank's NPLs dropped after the completion of Starlight Project. The project was a transaction package that included the securitization of NPLs amounting to approximately €1.4 billion (Starlight Portfolio) on December 31, 2022, and the sale of the Bank's platform, APS Debt Servicer. APS was sold to Themis Portfolio Management Ltd, an indirect subsidiary of Oxalis Holding S.A.R.L., which is managed and advised by PIMCO. The Bank's NPL Ratio, excluding NPLs covered by the Asset Protection Program (APP) dropped to 3.6% from 13.5%.{{cite web|url=https://www.stockwatch.com.cy/en/article/trapezes/hellenic-bank-completion-starlight-project |title= Hellenic Bank: Completion of Starlight Project |date=31 March 2023|website=stockwatch.com.cy|access-date=12 May 2023}}
In June 2023 Christos Themistocleous became interim chairman. In August 2023 Antonis Rouvas became interim CEO. In January 2024 Greek banker Petros Christodoulou was approved by the European Central Bank as Chairman. Christos Themistocleous returned to the Vice Chairman role. In September 2024 Michalis Louis became CEO.
See also
References
{{Reflist}}
External links
- [https://www.hellenicbank.com Hellenic Bank Group]
{{Members of Euro Banking Association}}
Category:Banks under direct supervision of the European Central Bank
Category:1976 establishments in Cyprus
Category:Companies based in Nicosia