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Hellenic Bank


Hellenic Bank

Hellenic Bank Public Company
(Ελληνική Τράπεζα)
Native name Ελληνική Τράπεζα Δημόσια Εταιρεία Λτδ
Type Public limited company
Traded as CSE: HB
Industry Banking, Financial services
Founded 1976
Headquarters Nicosia, Cyprus
Number of locations 57 branches (Sept 2014)
Area served Cyprus
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€225 million (Sept 2014)
Operating income Increase€119 million (Sept 2014)
Profit Decrease-€124 million (Sept 2014)
Total assets Decrease€6.9 billion (Sept 2014)
Total equity Increase€369 million (Sept 2014)
Employees 1419 (Nov 2014)
Subsidiaries Pancyprian Insurance, Hellenic Alico Life

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 13.4% share of deposits and 7.2% of the loans market, as of September 2014. By market capitalisation of 100 Million as at March 2013 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 Cypriot Orthodox Church.[1] The Church of Cyprus increased its stake in Hellenic Bank through big block trading passed through the Cyprus Stock Exchange on October 10, 2007. Between November 2013-2014 the Cypriot Orthodox Church shareholding shrank to 8% making it the fourth largest shareholder after ThirdPoint LP, Wargaming Public Co Ltd both holding 20% and Demetra Investments Ηolding 10%.

In January 2011 Hellenic Bank started operating in Russia but later in 2014 sold the Russian operation[2] The bank also has representative offices in Kiev, St Petersburg, Moscow and South Africa.

Group Milestones

  • 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.
  • 1991: Network of Automatic Teller Machines (ATMs) established, providing a 24-hour service.
  • 1994: The Bank Marketing Association of the USA, a subsidiary organisation of the American Bankers Association, grants three awards to the Group.
  • 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 share 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.
  • 1998: Hellenic Bank opens its first branch in Greece in central Athens. Hellenic opens representative offices in Sandton, South Africa and Moscow.
  • 1999: Acquisition of the Ledra and Pancyprian insurance companies by the Hellenic Bank Group. Creation of the Hellenic Bank (Factors) Ltd subsidiary.
  • 2000: Creation of Hellenic Alico Life Insurance Company Ltd for the provision of bank-assurance products, following an agreement between the Hellenic Bank and the American Life Insurance Company (Alico AIG Life-now MetLife Alico). Hellenic Bank opens six new branches in Greece.
  • 2001: Hellenic Bank (Investments) Ltd launches the electronic brokerage service, HBI eTrade. It also enters into an agreement with Bloomberg for providing daily market data on the Cyprus Stock Exchange to foreign investors.
  • 2003: Adoption of Corporate Governance Code and implementation of the new organizational structure. Integration of the group’s subsidiary insurance companies “Pancyprian Insurance Ltd” and “Ledra Insurance Ltd” under Pancyprian Insurance Ltd. Hellenic Bank Investments Ltd obtains a license from the Securities and Exchange Commission to operate as a Cyprus Financial Services Company. Launch of Online banking for Business.
  • 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 the 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, offering full banking operations 11 January 2011.
  • 2013: On 25th March 2013 Hellenic Bank sells its Greek branches to Piraeus Bank. As of 27th 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.

External links

  • Hellenic Bank Group


  1. ^ "Church of Cyprus Increases Stake in Bank". Yahoo! Finance (Associated Press). Feb 1, 2007. Retrieved 2007-02-02. 
  2. ^
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