Wargaming to hold stake in Hellenic

Wargaming to hold stake in Hellenic

Wargaming Group, a Cypriot technology company, intends to remain a shareholder in Hellenic Bank, Cyprus’ second largest lender.

Despite selling a 13.41% stake to Greek banking group Eurobank in early December, Wargaming says its goal now is to focus on what it says it “does best,” which is creating good games.

Andrew Tinney, Wargaming’s chief financial officer (CFO), stressed at a press conference last week that the company has no debts, while also dismissing all rumors that the company sold its shares to the Greek bank to raise liquidity.

Marianna Pantelidou Neophytou, chief of staff to the company’s CEO, emphasized that the company remains Hellenic Bank’s fourth-largest shareholder and will remain a part of Hellenic with its 6.8% stake. Christodoulos Hadjistavris, her colleague at Wargaming, will take her place on the Hellenic Bank board once he receives the necessary regulatory clearance.

Wargaming currently owns a 7.2% stake in the lender. To date the Cypriot company has invested 127 million euros in Hellenic Bank. It invested €40 million in November 2013, another €63 million in November 2014 and €24 million in March 2019.

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