HFSF divestment from Eurobank is put off
The divestment of the Hellenic Financial Stability Fund from Eurobank has been postponed by a few days following the acquisition of Hellenic Bank, in an attempt to value the bank based on the new financial data.
Eurobank already owns 55.3% of the Cypriot group, with the prospect of acquiring all the shares, a development that changes the net position of the group, which will be strengthened by the addition of Hellenic Bank’s assets.
This perspective is called upon to be taken into account by HFSF in the context of the valuation it carries out with the help of the financial adviser it has commissioned, UBS.
Based on the results of the first half of the year announced by Hellenic Bank a few days ago, its assets stood at 20.2 billion euros, its deposits at €15.7 billion and its loans at €6.1 billion, while profits for the period amounted to €160.2 million.
Eurobank’s proposal regarding the buyback price of the shares held by HFSF is expected to be submitted next week or by September 23 at the latest, based on the decision approved by the general meeting of shareholders.
