Announcement pursuant to section 137 of the Cyprus Securities and Stock Exchange Law of 1993, as amended from time to time (the “Law”), concerning the conclusion of an agreement with Euler Hermes Hellas
9 June 2020
Hellenic Bank Public Company Ltd (the “Hellenic Bank”) announces the
conclusion of an agreement with Euler Hermes Hellas (“EHH”) that will
accommodate Hellenic Bank’s credit insurance needs in relation to nonrecourse factoring products offered by Hellenic Bank.
EHH is a branch of Euler Hermes SA which is a 100% subsidiary of Allianz
S.E., which is the parent company of Pacific Investment Management
Company, LLC ("PIMCO"). PIMCO manages the PIMCO Bravo Fund III, L.P.
and PIMCO Bravo Fund III Lux SCS (Luxembourg) which own 91,55% and
8,45% respectively in Poppy S.a.r.l. Poppy S.a.r.l currently holds 17,3% of
the issued share capital of Hellenic Bank.
The value of the abovementioned agreement will depend on the turnover
of the abovementioned non-recourse factoring products and therefore
cannot be calculated in advance.
The Bank follows all required procedures and controls to properly manage
any potential or perceived conflict of interest and to ensure the impartiality
of the designated person under the Law.
At a meeting of the Board of Directors of the Hellenic Bank dated 29th May
2020, the Board of Directors was informed of any potential interest of the
Director representing PIMCO and the said Director abstained from voting
on the decision.
HELLENIC BANK PUBLIC COMPANY LTD