Almost 44 percent of the shares in Eurboank EFG, one of Greece’s largest lenders, is to pass to younger members of the Latsis family, it was announced on Monday.
Spiros Latsis, the billionaire son of shipping tycoon John Latsis, is the main shareholder in Eurobank.
“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%,” the lender said in a press release.
“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,” the bank added.
“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.”Ekathimerini.com