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HB: Negotiations for sale of subsidiary Commercial Hellenic Bank in Russia

Hellenic Bank Public Company Ltd, acting within the framework of the constant effort of the Group for a more effective management of the available resources, the capital planning, the active management of risks and the weighted assets, announces that it is in mature negotiations with a Group of Investors for the sale of 100% of the share capital of its subsidiary bank in Russia Limited Liability Company Commercial Bank “Hellenic Bank”. 

The transaction is subject to the approval of the Central Bank of Cyprus. 

Limited Liability Company Commercial Bank “Hellenic Bank” (“the subsidiary”) was established by the Bank in February 2009 and after securing the relevant authorization by the Central Bank of Russia in January 2011 it started offering banking operations in Moscow.  In view of the development in Cyprus in March 2013 and the uncertainty in the Russian market, the subsidiary has developed restricted activities in Russia with total assets of €28.76 million on May 27, 2014 compared to €6.4 billion that its total assets were on December 31, 2013. 

The transaction, if realized, will be at arm’s length and is not expected to affect the prospects or the results of the Group and is not related to or does not affect the interests of the “designated persons”, according to the meaning assigned to the aforementioned term in article 137(3) of the CSE Law. 

The Hellenic Bank Group, with strong balance sheet and prudent management, is monitoring the developments in all markets that she is active in and is taking all measures to secure its interests.

Not Regulated
Filing Date: 27/05/2014 15:25

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