EMPORIKI BANK S.A. announced today that it has reached and signed a Preliminary agreement with a group of Cyprian businessmen concerning its subsidiary company EMPORIKI BANK CYPRUS Ltd.

The aforesaid preliminary agreement provides for the transfer of the majority stake of the subsidiary company Emporiki Bank Cyprus Ltd into the Cyprian investing group, while Emporiki Bank S.A. will continue, within the framework of the preliminary agreement, to sustain part of the share capital of the bank and to provide its support for the further growth of the bank in the Cyprian market.

According to the agreed time-schedule and provided the relevant discussions will advance, it is estimated that within the next two months, all the relevant processes will have been completed for the consummation of the said agreement and the submission of the pertinent application in the Central Bank of Cyprus.