Hellenic Bank Public announces the conclusion of an agreement with Allianz Global Investors GmbH (“AGI”) for the marketing in Cyprus of units of Undertakings for Collective Investment in Transferable Securities (UCITS), managed by AGI.
AGI is a subsidiary of Allianz S.E., which is the parent company of Pacific Investment Management Company, LLC ("PIMCO"). PIMCO manages the PIMCO Bravo Fund III, L.P. and PIMCO Bravo Fund III Lux SCS (Luxembourg) which own 91.55% and 8.45% respectively in Poppy S.a.r.l.
Poppy S.a.r.l currently holds 17.3% of the issued share capital of the Bank.
According to a statement, the value of the abovementioned agreement will depend on the sales volume of the above UCITS and therefore cannot be calculated in advance.
The Bank follows all required procedures and controls to properly manage any potential or perceived conflict of interest and to ensure the impartiality of the designated person under the Law.
At a meeting of the Board of Directors of the Bank dated 26 September 2019, the Board of Directors was informed of any potential interest of the Director representing PIMCO and the said Director abstained from voting on the decision.