Type Public limited company Number of locations 52 branches (Q1 2017) Headquarters Nicosia, Cyprus Founded 1976 | Traded as CSE: HB Area served Cyprus Number of employees 1,646 (Q4 2016) Revenue 247.7 million EUR (2016) | |
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Native name Ελληνική Τράπεζα Δημόσια Εταιρεία Λτδ Industry Banking, financial services CEO Henricus Lambertus Pijls (12 Jan 2015–) Total assets 7.04 billion EUR (Q4 2016) Subsidiaries Hellenic Bank (Investments) Ltd | ||
Hellenic Bank Public Company Ltd (Greek: Ελληνική Τράπεζα Δημόσια Εταιρία Λτδ) (CSE: HB), is the second largest bank on the island of Cyprus with a 12.6% share of deposits (6.1 billion Euro) and 7.4% of the loans market (2.9 billion Euro net loans) as of December 2016. By market capitalisation of 169 Million Euro as at 1 March 2017 it is the second largest Cypriot bank. Its shares are listed on the Cyprus Stock Exchange.
The bank was founded in 1976 with technical assistance from Bank of America and in 1996 it bought the local operations of Barclays Bank. A major shareholder (29%) was traditionally and for many years, the Church of Cyprus. Between November 2013 and December 2014, the Church's shareholding shrank to 4.2% making it the sixth largest shareholder after US based CPB FBO Third Point Hellenic Recovery Fund LP holding 26.2%, Belarus owned video game company Wargaming Group Limited holding 24.9%, Cyprus based Demetra Investments Public Ltd holding 10%, the European Bank for Reconstruction and Development holding 5.4% and Canadian based Senvest International LLC/ Senvest Masterfund LP holding 5%. The board is composed of representatives of the top two shareholders.
In January 2011, Hellenic Bank started operating in Russia but later, in 2014, sold the Russian operation The bank also has representative offices in Kiev, St Petersburg, Moscow and South Africa. It has also opened a representative office in Athens, Greece in 2016.
On 25 March 2013 Hellenic Bank sold its Greek branches to Piraeus Bank. As of 27 March 2013, former Hellenic Bank customers could use the ATMs of all Piraeus Bank Group banks (Piraeus Bank & ATEbank, Geniki Bank and former Bank of Cyprus and CPB Bank networks) free of charge. The process of merging the operations of the former Hellenic Bank network in Greece into Piraeus Bank was completed in mid-July 2013. This was followed by the closure of the vast majority of the former Hellenic Bank branches and the dismissal of its personnel.
In 2015 EBRD acquired a 5.4% share in Hellenic Bank.
In 2016, Hellenic Bank received a Global Finance Magazine award for the third consecutive year as the Best Digital Bank in Cyprus and was upgraded to B rating by Fitch.
In 2017, Hellenic Bank sold 51% of its Arrears Management Division (2.4bn Euro in Non Performing Exposures), including its Debt Recovery Unit and Property Management Unit to Czech specialised firm APS Holdings a.s and created a new company in which it is a minority 49% shareholder: APS Recovery Cyprus Ltd. 160 Hellenic Bank employees will move to the new company.