Proton Bank S.A. (hereafter "PROTON BANK"), according to the provisions of article 10 par. 1 of law 3340-2005 and article 2 of the Board of Directors of the Hellenic Capital Markets Commission 3/347/12.07.2005, is pleased to announce: Today, January 31st, 2007 the majority shareholders of International Life S.A. Life Insurance (hereafter "International Life") and PROTON BANK, agreed to the purchase of 51% of the shares of International Life by PROTON BANK in cash. The agreement which was approved by the Board of Directors of PROTON BANK, provides for the purchase price to be equal to 1,55 the book value of International Life as of 31/12/2006 times the percentage to be acquired. The completion of this agreement is subject to the due diligence (legal, financial and actuarial) on the companies belonging to the International Life Group and the approval of the relevant regulatory authorities. The transaction is expected to be completed within three months (by April 30th, 2007).
The completion of this transaction is expected to enhance Proton Bank''s presence in the insurance market, to facilitate the group''s entry into the Bancassurance sector and to strengthen existing market shares in brokerage and mutual funds management through the respective subsidiaries of International Life. Additionally, the promotion of Proton Bank''s banking products will be enhanced through the sales network of International Life, along with the marketing of insurance products of the expanded Group.
It is noted that Mr. Fokion Bravos will remain as Chairman and CEO of International Life, thus continuing his successful work to date.