The Service of the Commission for the Protection of Competition announces that it has received notification of a concentration from Hellenic Bank Public Company Ltd concerning the acquisition of activities and assets of the Cyprus Co-operative Bank Ltd.
Hellenic Bank Public Company Ltd is a public limited liability company, duly registered under the laws of the Republic of Cyprus. Hellenic Bank Public Company Ltd is a licensed credit institution overseen by the Central Bank of Cyprus. In addition to banking services, Hellenic Bank Public Company Ltd is active, through subsidiaries and/or associated companies, in other areas such as insurances, management of non-performing loans and real estate acquired by credit institutions or other persons with claims in delay and related subsidiary debt. According to the notification, Hellenic Bank Public Company Ltd intends to fund the acquisition of the target with a share capital increase.
The aim in this merger is part of the portfolio of Cyprus Co-operative Bank Ltd which is composed mainly of performing loans, Cypriot Government Bonds, cash, customer deposits and some other current liabilities and assets.