Completion of the Share-Purchase Agreement for the acquisition of Hellenic Alico Life Insurance Company Limited shares between Hellenic Bank Public Company Limited and MetLife Services Cyprus Limited
23 December 2019
Further to the announcement dated 29th October 2019, Hellenic Bank Public Company Limited (the “Bank”) announces that on 23 rd December 2019 it completed the acquisition of the entire participation interest of MetLife Services Cyprus Limited, equal to 27,5%, in the share capital of Hellenic Alico Life Insurance Company Limited (the “Company”). Following the completion of the acquisition, the Bank owns 100% of the share capital of the Company.
The consideration for the sale amounts to €5,94mn and is payable in cash. The transaction is not expected to have a material impact on the Bank’s capital ratios and its financial position. The above transaction is in line with the Bank’s continuous strategy to grow its fee income through transforming and repositioning its insurance subsidiary companies in the Cypriot market.
As required by the Cyprus Stock Exchange and according to paragraph 220.127.116.11(7) of the Decision of the Council of the CSE Concerning the CSE Market 379/2014 (as amended), the transaction is at arm’s length, it does not relate to or affect the interests of the Company’s Secretary or of any “designated person” in accordance with the meaning given to the aforementioned term in article 137(3) of the Cyprus Securities and Stock Exchange Law 14(I)/1993 (as amended).
HELLENIC BANK PUBLIC COMPANY LTD