The transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2020. Upon completion of the transaction, the Bank will own 100% of the share capital of Hellenic Alico.
Hellenic Bank stated that this transaction has no material impact on the capital ratios or financial position of the Bank's group.
Following the acquisition of certain assets and liabilities of ex Cyprus Cooperative Bank Ltd and related clientele base, the Bank's Management identified the opportunity to grow its business in the insurance sector and create further value through its subsidiaries, the Hellenic Bank said.
Hellenic Bank will focus on transforming and repositioning its insurance subsidiary companies in order to realize their full potential and enhance their position in the Cyprus market. The above transaction is also in line with the Bank's group continuous strategy to grow its fee income.