Filenews 8 June 2025 - by Theano Thiopoulou
At the beginning of July, as soon as the legal merger of Hellenic Bank with Eurobank Cyprus is completed, the name Eurobank Limited will be formally indicated in the branches and inscriptions, logos and other insignia will be changed.
What is certain is that the main administration building will immediately change to Eurobank's specifications and anything reminiscent of Hellenic Bank will be withdrawn.
But what interests thousands of Hellenic Bank's customers is whether after the legal merger of the two banks, something will change with its accounts, interest rates, cards and loans and a bunch of details.
"F" records the questions and answers that are posted on the website of Hellenic Bank, a member of the Eurobank group, and are of interest to customers, so that they know if anything changes the next day.
What is taken for granted is that, for the time being, no action is needed on the part of customers and for any change they will be informed at a later time, accordingly.
For the time being, in general, Hellenic Bank's customers should be aware that:
- Cards and chequebooks remain valid.
- Standing orders and remittances are not affected.
- IBANs and account numbers remain unchanged. The same applies to card Pins and codes of Online Banking and mobile applications, which remain in operation.
- The service officer remains the same.
- The account limits remain unchanged.
- They can be served normally from their branch, while joint branches will gradually be created for the customers of the two banks (branch in branch).
The Hellenic Bank Mobile App remains in operation normally and the login codes in Online Banking and the Hellenic Bank Mobile App will remain the same.
Questions and answers
The main things that customers should know from the posts on the Hellenic website are:
- To the question of what commissions/charges (for transfers, transfers, payments, etc.) will apply, of Hellenic Bank or Eurobank Cyprus, the answer given is "all charges remain as they are. For any changes to the list of charges and commissions posted on our website, you will be informed within a reasonable period of time, based on the applicable legislation".
- To the question of whether there will be changes in the interest rates on existing deposits, the answer is "the interest rates on existing deposits remain as they are". It is clarified that the limits on customer accounts remain as they are and the way in which account statements are updated is maintained.
- On the question of whether something will change when the customer receives remittances from abroad, it is noted that "at the moment nothing changes. If there is a change, you will be informed within a reasonable period of time." It is clarified that "transfers between Hellenic Bank and Eurobank Cyprus will now be made free of charge, as we are a single organization. For the rest of the remittances within Cyprus, there is no change – the existing conditions continue to apply."
No changes to the cards
For the cards that customers use for their transactions, important clarifications are given. At this stage there will be no change to the cards (debit or credit). Their operation continues normally.
The blue card loyalty program continues as normal, the card PIN does not change, notifications regarding cards and accounts continue normally, the operation of digital wallets continues normally, the limits on the cards remain as they are, the amount and payment date of your credit card will remain as they are.
On loans
In the event that the customer's loan has been approved prior to legal consolidation but has not been issued, "there will be no change in relation to approvals received prior to the date of legal consolidation, for which the relevant loan/collateral documents have already been signed, all relevant approval conditions have been met and the implementation/issuance of the loans is pending.
However, if approval has been received before the relevant date and an offer letter is in force, then the implementation/issuance of the loans is pending, provided that all other relevant loan/collateral documents will be signed and all relevant approval conditions are met". In the event that the customer needs a loan/credit facility, what terms and charges apply, it is clarified that "the application process for loans/credit facilities is not differentiated. Information on terms and charges can be found on the Bank's official website. For any request, you can contact, as always, your service officer."
Advantages of Merger for Customers
Hellenic Bank, a member of the Eurobank Group, states that this merger process will benefit customers from a wider range of competing products and services, as well as from the know-how, experience and advanced infrastructure of the Eurobank Group.
It adds that "the merger leads to the creation of the largest bank in Cyprus, offering enhanced stability, security and innovation potential for customers. By combining local experience with international know-how, we will be by our customers' side, providing an upgraded banking experience. Our complementary business models and expanded store network allow us to offer a wider range of products and services, upgraded experience, innovative solutions and increased operational efficiency. In this way, we strengthen our ability to cover every personal or business of our customers and shape an even more resilient and competitive organization."
Strong presence with numbers
The total value of the assets held by the bank (loans, cash, investments, real estate) amounts to €27 billion. The Bank's loan portfolio amounts to €8.6 billion. The total value of the deposits amounts to €23 billion.
The bank manages 42% of all deposits in the country's banking system. The market share of loans is 36%. The bank is one of the largest employers in the country, with a staff of more than 3000 people in total, while it supports the economy by paying taxes and other contributions in excess of €61.5 million in 2024.
