Hellenic Bank has announced the establishment of a temporary / ad hoc Integration Committee of the Board as from August 1 to ensure the effective oversight and input of the Board of Directors in smoothly implementing the integration
strategy of the acquired business of certain assets and deposits of the Cyprus Co-operative Bank Ltd.
The acquired business of €10 billion will include up to 1,100 employees and up to 75 retail branches. The bank said that the Integration Committee will be operational for a period of up to 18 months. Its composition will be announced in course.
Meanwhile, Hellenic’s EGM to approve a capital raise of €150m will be held on August 22. The capital raise is integral to the bank’s acquisition of the good part of the CCB.