Aspis Bank has reached an agreement with the Restis Shipping Group to acquire 51% of the share capital of FBB - First Business Bank.
FBB has total assets in excess of EUR 1.2bn and a network of 15 branches throughout Greece. It was established in November 2001 through the acquisition of the network and operations of the Bank of Nova Scotia in Greece. It is mainly active in the areas of shipping finance and commercial lending , areas in which Aspis Bank is a relatively recent entrant. The acquisition will allow Aspis bank to strengthen its presence in these areas, as well as exploiting business and operational synergies for the benefit of both institutions.
Agricultural Bank holds the remaining 49% of the share capital of FBB and it is the intention of the management of Aspis bank to seek a common strategy for the future development of FBB for the benefit of both shareholders.
The Chairman and Managing Director of Aspis Bank stated: With the acquisition of 51% of FBB we continue to execute our strategy for growth through the acquisition of complementary banking businesses. With the completion of the transaction Aspis Bank Group will have a network of 84 branches in Greece and total assets exceeding EUR 3.5bn, whilst strengthening its presence in commercial banking.
Thetransaction is subject to regulatory approval and will be completed in Q2 2007.