Hellenic Bank is the second largest bank in Cyprus, and as is apparently in talks to purchase the Bank of Piraeus Cyprus, as stated from a Hellenic Bank source.
Both banks are neither confirming nor denying the information given, however the source has also revealed that Hellenic is already involved in a due diligence process, but the negotiations have not yet begun.
“We are nowhere near an agreement”, the source stated, adding “We are just looking. We are far from an agreement, very far”. “Bank of Piraeus (Cyprus) Ltd, announced that it does not wish to comment on speculation, market talk and information published concerning consultations with other banks about its presence in Cyprus”, the bank stated on Tuesday.
Knowing that takeover talks started in November last year, the source from Hellenic Bank declined to clarify why the deal is still far from closing. “We are not negotiating with Piraeus. We are not even sure whether we shall go to the negotiating table” the source stated. The source clarified that the Bank is not in talks with other Greek banks operating in Cyprus, a Bank of Piraeus source proved that no agreement has been reached yet.