Cyprus's Hellenic adds new shareholders, meets needs
NICOSIA Nov 1 (Reuters) - Cyprus-based lender Hellenic Bank said on Friday it had fully met recapitalisation needs, adding three new partners to its shareholding structure including Third Point Offshore Master Fund L.P.
Hellenic, in which the Cyprus Orthodox Church had until now been a key shareholder, said Third Point now held about 30 percent, and Cyprus-based Wargamings Public another 30 percent. Cypriot investment fund Demetra Investment obtained 15 percent in the bank, the lender said in a statement.
The lender was required to raise an additional 294 million euros in regulatory capital under conditions of an international bailout agreement Cyprus signed with the EU and IMF in March. Hellenic said it raised 358 million euros, raising its core Tier 1 capital ratio to 9.5 percent. (Reporting By Michele Kambas; editing by David Evans)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.