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Hellenic officially takes over Coop operations (Updated)
September 4, 2018
Hellenic Bank on Monday officially took control of the operations of the state-owned Cyprus Cooperative Bank (CCB), with officials saying the transition went without a glitch.
Following a takeover agreement with the state, Hellenic is now running the co-operative’s network of branches.
“The acquisition is expected to accelerate the bank’s strategy of strengthening its banking franchise across Cyprus with an enlarged and diversified customer base. This expansion establishes Hellenic Bank as the leading retail and SME bank in Cyprus,” said Hellenic Bank CEO Ioannis Matsis. “Through the acquisition, we achieve a significant improvement in the quality and structure of the Bank’s assets and hence in its financial profile, allowing it to concentrate on achieving its strategic goals.”