Conclusion of a 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
29 October 2019
Hellenic Bank Public Company Limited (the “Bank”) announces that on 29 October 2019 it signed a share-purchase agreement with MetLife Services Cyprus Limited (“MetLife”) for the acquisition of the entire participation interest of MetLife, equal to 27,5%, in the share capital of Hellenic Alico Life Insurance Company Limited (the “Company”). 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 the Company. The 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. Hence, the 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.
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