Hellenic Bank

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Hellenic Bank Public Company
(Ελληνική Τράπεζα)
Native name
Ελληνική Τράπεζα Δημόσια Εταιρεία Λτδ
Public limited company
Traded as CSE: HB
Industry Banking, Financial services
Founded 1976
Headquarters Nicosia, Cyprus
Number of locations
Decrease 56 branches (Q3 2015)
Area served
Key people
Bert Pijls (CEO),
Irena Georgiadou (Chairwoman)
Products Credit cards, mortgage loans, consumer banking and business banking, corporate banking, factoring, insurance, private banking, wealth management, asset management, brokerage, investment banking.
Revenue Increase€176 million (Q3 2015)
Increase€62 million (Q3 2015)
Profit Increase€6 million (Q3 2015)
Total assets Increase€7.5 billion (Q3 2015)
Total equity Increase€600 million (Q3 2015) Common equity Tier 1: 12.7% (fully loaded Basel III)
Number of employees
Increase 1550 (30th Sept 2015)
Subsidiaries Pancyprian Insurance, Hellenic Alico Life, Hellenic Bank (Investments) Ltd
Website www.hellenicbank.com

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 13.8% share of deposits (6.6 billion Euro) and 7.1% of the loans market (3.2 billion Euro) as of December 2014. By market capitalisation of 222 Million Euro as at 25 November 2015 it is the second largest Cypriot bank. Its shares are listed on the Cyprus Stock Exchange. It has also applied for listing of its shares on the Athens 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 26.3%, Belarus owned Wargaming Public Co Ltd holding 24.8%, Cyprus based Demetra Investments Public Ltd holding 10.6%, 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[1] The bank also has representative offices in Kiev, St Petersburg, Moscow and South Africa. It is looking to open a representative office in Athens, Greece.

Group Milestones[edit]

  • 1976: The Bank begins operations with a branch in Nicosia and 33 employees.
  • 1985: The subsidiary company, Hellenic Bank (Finance) Ltd, is founded, providing asset finance.
  • 1986: The subsidiary company, Hellenic Bank (Investments) Ltd, is founded, providing investment services.
  • 1988: The Telebank service is introduced in Cyprus, enabling an innovative method of electronic information and money management from a personal computer.
  • 1990: The Insurance Services Department is founded, representing a number of insurance companies offering a wide choice of insurance products. The first of its kind International Business Centre is founded in Limassol.
  • 1996: The Group dynamically expands its operations by acquiring the onshore facilities of Barclays Bank PLC in Cyprus. Hellenic Bank (Investments) Ltd acts as advisor for the founding and public shares offering of a new public limited company, 'Athena Cyprus Investment Fund Ltd'. The company is established as a closed end approved investment fund. Recognising the ongoing evolution of the internet, the Group takes its first step in the World Wide Web with the launch of its own website.
  • 1997: The Limassol International Business Centre acquires the ISO 9002 international certificate of service quality - the only centre of its kind in Cyprus to do so. Hellenic Bank (Investments) Ltd forms a business alliance with Merrill Lynch International.
  • 1999: Acquisition of the Ledra and Pancyprian insurance companies by the Hellenic Bank Group. Creation of the Hellenic Bank (Factors) Ltd subsidiary.
  • 2001: Hellenic Bank (Investments) Ltd launches the electronic brokerage service, HBI eTrade. It also enters into an agreement with Bloomberg LP for providing daily market data on the Cyprus Stock Exchange to foreign investors.
  • 2004: Hellenic Bank opens nine more branches in Greece. Opening of the new Head Office building in Nicosia. Adoption of EFQM (European Foundation for Quality Management). Adoption of the Bank’s promotional campaign slogan: “Evolution is in our nature.”
  • 2007: Hellenic Bank acquires “Athena Cyprus Investment Fund Ltd”, making it a subsidiary company of the Group.
  • 2009: Hellenic Bank opens a representative office in Kiev, Ukraine, and establishes a subsidiary in Moscow.
  • 2010: Hellenic Bank succeeds the European Union Banking Stress Test Exercise. With this exercise, carried out on Bank’s initiative, it is assured that it enjoys a healthy financial position, maintaining its strong capital adequacy even in the worst-case scenarios.
  • 2011: Hellenic Bank operates its first branch in the Russian capital, Moscow, offering full banking operations 11 January 2011.
  • 2013: On 25 March 2013 Hellenic Bank sells 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.
  • 2014 Hellenic Bank sells its Russian operation to concentrate on the key Cyprus market.
  • 2015 Non performing exposures peak at 61% based on the strict European Banking Authority definition with provision coverage at 46%.


  1. ^ http://www.themoscowtimes.com/business/article/cypriot-bank-to-enter-russian-market-in-2011/409049.html

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