06/10/2008 10:41
Aspis Holdings announced today its cooperation with Greek bank Proton Bank SA.
The company announced that it has reached an agreement with the bank for the acquisition of 92.71% of Proton Insurance SA against €7,800,000 with an advance payment of €3.0 million. Aspis also reached a 20-year exclusive bancassurance agreement with Proton.
With the bancassurance agreement the subsidiaries will be able to distribute their bancassurance products via the Bank’s branch network. The Company and the Bank will launch new bancassurance products with competitive terms, which will be distributed exclusively via the Bank’s branches. The Company has the right to assign its rights either to associated companies or to third parties. The Bank will receive a lump sum commission for the bancassurance agreement of €14.0 million, payable in 16 six-month instalments. The agreement is subject to the approval of the Greek competent authorities and the Commission for the Protection of Competition in Cyprus.
Moreover, Aspis announced the reaching of an agreement for the purchase of two existing Convertible Bond Loans that are currently provided to Proton by the Bank and a third natural person against €5.0 million with a payment in advance of €2.50 million.
The acquisition of Proton Insurance and the exclusive bancassurance cooperation with the Bank is expected to affect positively the income and the profitability of the Company and its subsidiaries.
According to the financial statements of Proton dated 30/6/08 and 31/12/07, its turnover stood at €11.22 million and €39.65 million, its profitability reached 80.5 thousand and €64 thousand, while its net book value amounted to €6.6 million and €5.5 million.
The company announced that it has reached an agreement with the bank for the acquisition of 92.71% of Proton Insurance SA against €7,800,000 with an advance payment of €3.0 million. Aspis also reached a 20-year exclusive bancassurance agreement with Proton.
With the bancassurance agreement the subsidiaries will be able to distribute their bancassurance products via the Bank’s branch network. The Company and the Bank will launch new bancassurance products with competitive terms, which will be distributed exclusively via the Bank’s branches. The Company has the right to assign its rights either to associated companies or to third parties. The Bank will receive a lump sum commission for the bancassurance agreement of €14.0 million, payable in 16 six-month instalments. The agreement is subject to the approval of the Greek competent authorities and the Commission for the Protection of Competition in Cyprus.
Moreover, Aspis announced the reaching of an agreement for the purchase of two existing Convertible Bond Loans that are currently provided to Proton by the Bank and a third natural person against €5.0 million with a payment in advance of €2.50 million.
The acquisition of Proton Insurance and the exclusive bancassurance cooperation with the Bank is expected to affect positively the income and the profitability of the Company and its subsidiaries.
According to the financial statements of Proton dated 30/6/08 and 31/12/07, its turnover stood at €11.22 million and €39.65 million, its profitability reached 80.5 thousand and €64 thousand, while its net book value amounted to €6.6 million and €5.5 million.
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