Clock ticks for Hellenic Bank shareholders

The intentions of Hellenic Bank’s major shareholders are expected to become gradually clearer this week, since a binding offer for investing in the ‘healthy’ part of the cooperative banks is due in mid-May. Presentations made by the bank’s top administrators will be crucial for attracting capital.

The major shareholders of Hellenic Bank are Third Point Management fund (26,2%), Wargaming company (24,9%) and Demetra investment company (10%). The binding offers expected to be submitted will include extra capital needed for investment in CCB.

Up to this point current shareholders appear reluctant to cover the capital needed. A positive approach is shown by Third Point management, which supports the prospect of new investors entering the race, notably the equity firm Lone Star Funds to also join the fund rise. This will lead to a change of shareholders in Hellenic Bank, if they indeed decide to absorb CCB.

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