Hellenic Bank
Encyclopedia
Hellenic Bank Public Company Ltd (CSE
: HB), is the third largest bank on the island of Cyprus
with a 10.47% share of deposits and 7.92% of the loans market. Its shares are listed on the Cyprus Stock Exchange
.
The bank was founded in 1976 and in 1996 it bought the local operations of Barclays Bank. A major shareholder (29%) is the Cypriot Orthodox Church
. The Church of Cyprus increased its stake in Hellenic Bank through big block trading passed through the Cyprus Stock Exchange
on October 10, 2007. Specifically, Athena Cyprus Investments, which was successfully acquired by Hellenic Bank earlier in the year sold 2.8 mln shares of HB at EUR 5.40 amounting to EUR 15.3 mln.
In January 2011 Hellenic Bank started operating in Russia. The bank also has representative offices in Kiev, St Petersburg, Moscow and South Africa.
Cyprus Stock Exchange
The Cyprus Stock Exchange or CSE is a stock exchange located in Nicosia, Cyprus. It was established under the Cyprus Securities and Stock Exchange Law which provides for the development of the securities market in Cyprus and for the establishment and operation of the Cyprus Stock Exchange, and was...
: HB), is the third largest bank on the island of Cyprus
Cyprus
Cyprus , officially the Republic of Cyprus , is a Eurasian island country, member of the European Union, in the Eastern Mediterranean, east of Greece, south of Turkey, west of Syria and north of Egypt. It is the third largest island in the Mediterranean Sea.The earliest known human activity on the...
with a 10.47% share of deposits and 7.92% of the loans market. Its shares are listed on the Cyprus Stock Exchange
Cyprus Stock Exchange
The Cyprus Stock Exchange or CSE is a stock exchange located in Nicosia, Cyprus. It was established under the Cyprus Securities and Stock Exchange Law which provides for the development of the securities market in Cyprus and for the establishment and operation of the Cyprus Stock Exchange, and was...
.
The bank was founded in 1976 and in 1996 it bought the local operations of Barclays Bank. A major shareholder (29%) is the Cypriot Orthodox Church
Cypriot Orthodox Church
The Church of Cyprus is an autocephalous Greek church within the communion of Orthodox Christianity. It is one of the oldest Eastern Orthodox autocephalous churches, achieving independence from the Patriarchate of Antioch and All the East in 431...
. The Church of Cyprus increased its stake in Hellenic Bank through big block trading passed through the Cyprus Stock Exchange
Cyprus Stock Exchange
The Cyprus Stock Exchange or CSE is a stock exchange located in Nicosia, Cyprus. It was established under the Cyprus Securities and Stock Exchange Law which provides for the development of the securities market in Cyprus and for the establishment and operation of the Cyprus Stock Exchange, and was...
on October 10, 2007. Specifically, Athena Cyprus Investments, which was successfully acquired by Hellenic Bank earlier in the year sold 2.8 mln shares of HB at EUR 5.40 amounting to EUR 15.3 mln.
In January 2011 Hellenic Bank started operating in Russia. 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 for the first time 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 worldwide 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
- The first branch of Hellenic Bank opens in Greece, in the Kolonaki area of central Athens.
- Opening of Representative Offices in Sandton, South Africa and Moscow, Russia.
- 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).
- Expansion of the Hellenic Bank branch network in Greece with the opening of six new branches.
- 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.
- 2002
- Launch of Hellenic Net Banking and Customer Service Line.
- 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 Net Banking for Business.
- 2004
- Expansion of the branch network in Greece with nine new branches.
- 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
- The Ukrainian Central Bank grants approval for the opening of a Representative Office in Kiev. The Representative Office commences operations the next year.
- Successful public offer for the acquisition of the share capital of “Athena Cyprus Investment Fund Ltd”, making it a subsidiary company of the Group.
- 2009
- The Central Bank of the Russian Federation grants Limited Liability Company Commercial Bank ‘HELLENIC BANK”, a fully owned subsidiary of the Group, a banking license for the Moscow region.
- 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 as from the 11th of January 2011.