Bank of Cyprus Australia (BOCA), the largest Hellenic bank in Australia has been acquired by the Bendigo and Adelaide Bank for $130 million dollars.
The acquisition was a necessary measure to be taken in order to secure the bank’s future given the current financial turbulence in Europe that would affect BOCA’s capacity of making profit from growth opportunities in the Australian market.
According to Neos Kosmos, George Taktikos, Managing Director of BOCA, expressed his satisfaction about the deal, while Bendigo’s Managing Director Mike Hirst, described BOCA as “an attractive business with a strong capital and liquidity position”.
Moreover, Bendigo and Adelaide Bank Chairman, Robert Johanson, charcterized the purchase of BOCA to be of strategical importance for the broader Bendigo banking network.
In 2010, Laiki Bank Australia merged with Beirut Bank becoming the Beirut Hellenic bank of Australia.