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Hellenic Bank says it has put together an ad hoc committee to oversee and facilitate the integration of recently-bought parts of Cyprus Cooperative Bank into the publicly traded Cypriot company.
The establishment of the integration committee becomes effective on 1 August 2018, with the bank’s executive board aiming 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 Cooperative Bank Ltd.”
The acquisition worth approximately €10 billion in deposits (7.5 bl) and collaterals (2.5bl) will include up to 1100 employees and up to 75 retail branches, according to a Hellenic Bank press release.
The operational lifecycle of the Integration Committee is expected to run for up to 18 months, while details of its composition have not yet been announced.
