Cyprus Finance Minister Makis Keravnos welcomed Greek Eurobank’s Group business moves in Cyprus, highlighting the significance of foreign investments for the Cypriot economy.
According to a press release issued by the Ministry on Wednesday, Keravnos met with the board of directors of the Greek banking group which convenes in Cyprus.
The meeting focused on the positive prospects of the Greek and the Cypriot economy as well as the robustness of the banking sectors of the two countries.
Eurobank, which operates in Cyprus through its subsidiary, Eurobank Cyprus, is the largest share- holder of Hellenic Bank, Cyprus’ second largest lender, as it acquired 55.3% of its share-capital, pending regulatory approvals.
After the approval of the qualified holding, Eurobank will submit a mandatory tender offer for the remainder of Hellenic Bank’s share capital. Eurobank has said that its investment in Hellenic Bank may exceed pound 800 million. Fokion Karavias, Eurobank Group’s CEO, has said the Group’s ultimate aim is
to merge the two banks.
‘The Minster of Finance stressed the importance of attracting foreign investments and welcomed Eurobank Group’s recent business activities in Cyprus, the Ministry added.
Source: Cyprus News Agency