Hellenic Banks shareholders approve capital increase

first_imgBy Stelios OrphanidesHellenic Bank said that its shareholders had on Wednesday passed a €100m capital increase through a rights issue, part of the bank’s agreement to acquire the healthy operations of the Cyprus Cooperative Bank.The shareholders approved a resolution which will allow Poppy SARL, a company affiliated with Pacific Investment Management Company LLC (PIMCO) to participate to contribute further €50m to the capital raise, Hellenic said.The bank’s shareholders also authorised the board to allot to Demetra Investment, which owns 10.1 per cent in Hellenic, all rights that shareholders will not exercise, the bank continued.“The rights will be issued and allocated gratis at a ratio of one right to every one existing ordinary share,” Hellenic said. “Every 25 rights to be exercised will be converted into 18 new ordinary shares of nominal value €0.50 each with an exercise price of €0.70 each”.The bank’s chief executive officer Ioannis Matsis said that “we have every intention to continue the implementation of our strategic targets in an attempt to maximise the bank’s value both for its shareholders, workers, associates and customers”.Hellenic’s strategy aims at a faster reduction of delinquent loans and growth by utilising the bank’s excess liquidity by extending healthy credit, he said.The deal to acquire the Cyprus Cooperative Bank’s operations was struck in June after the state-owned bank’s inability to reduce its non-performing loans fast enough, forced it practically out of business.The bank’s chairman Yussef Nasr said that the deal with the Co-op will strengthen Hellenic Bank, allowing it to further contribute to Cyprus’s economic growth and stability.You May LikeCity BeautyLift Sagging Skin And Jowls Without Surgery (Do This)City BeautyUndoGundry MD | SupplementsTop Cardiologist: It’s Like Giving Your Body A New “Battery”Gundry MD | SupplementsUndoDr. Marty ProPower Plus Supplement3 Dangerous Foods People Feed Their Dogs (Without Realizing It)Dr. Marty ProPower Plus SupplementUndo Concern over falling tourism numbersUndoPensioner dies after crash on Paphos-Polis roadUndoCypriot tycoon launches ‘Bank of Cannabis’Undoby Taboolaby Taboolalast_img

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