Proton Bank S.A. announces that on October 6th, 2008 a share transfer agreement was executed to transfer the Bank's 92,71% total participation in its subsidiary Proton Insurance S.A. to ASPIS Holdings Public Company Limited , a company registered in Cyprus and listed in the Cyprus Stock Exchange.
The transaction is subject to the approval of the relevant regulatory authorities in Greece (Private Insurance Supervisory Committee, Hellenic Competition Commission) as well as the authorities in Cyprus.
Additionally, by means of a relevant long-term agreement involving a lump sum payment and sales commissions, the companies above agreed to cooperate in promoting through the Bank's branch network, bancassurance products of Proton Insurance and Commercial Value S.A., through the Bank's branch network. It is noted that Aspis Holdings Public Company Limited participates as a principal shareholder in the share capital of Commercial Value S.A.
The total purchase price resulting from the agreements above amounts to euro 22,8 mil.
The agreement dated December 28th, 2007 between the Bank and Commercial Value was terminated.