Monday, July 23, 2012
New Shareholder Structure
Eurobank announces that the EFG Group, which currently holds 44,70% of Eurobank common shares, intends to transfer today 43.55% to nine younger members of the Latsis family and to the John S. Latsis Public Benefit Foundation, each of whom will hold approximately 4.4% of Eurobank shares, while the EFG Group will retain 1.15%.
In the current environment, European regulatory authorities deemed necessary, in addition to the distinction of the two groups in terms of branding (Eurobank Group-EFG Group), to also obtain a clear distinction in terms of board composition and accounting treatment, which consequently will lead to a distinction in ownership.
On that basis, this share transfer, an anticipated development in the context of the natural succession of generations and the coming of age of the younger members of the Latsis family, is taking place today, in order to satisfy the regulatory authorities.
As a result, Eurobank is no longer going to be consolidated into the financial statements of the EFG Group and the EFG Group nominated Board members of Eurobank will resign from its board and vice versa. Within the next days, Eurobank will be calling a Board of Directors meeting in order to elect the new Board members.Eurobank’s priorities and strategic plan remain focused on the needs and challenges of our times. With the support of its employees, clients and shareholders, the Bank aims to further strengthen its position, and safeguard its private sector character, in view of the upcoming recapitalization. With an enhanced capital base and liquidity position, Eurobank will continue to actively participate in the restructuring process of the Greek banking system, to support its clients and contribute to the efforts for the recovery and the financing of the Greek economy.-