Following the decision of EPEIA the Greek Insurance Regulator to revoke the operating licenses of Aspis Pronia A.E.G.A. and Aspis Pronia A.E.A.Z. on 21/9/2009, Aspis Βank wishes to inform the investing public of the following:
The Bank is independent of the insurance companies of the Aspis Group, and its core operations are not materially affected by the recent developments. Aspis Pronia A.E.G.A. and Aspis Pronia A.E.A.Z. directly hold 19.71% of the shares of Aspis Bank, and the Bank owns 9.97% of the shares of Aspis Pronia A.E.G.A..
The Bank has extended loans to, and letters of guarantee in favour of, the 2 companies amounting to EUR 4.9m which are collateralized by liquid assets. The Bank will evaluate these loans and take any provisions required. The Bank has ample liquidity which is within the legally prescribed limits. Due to the write-down of its participation in the share capital of Aspis Pronia A.E.G.A., the Bank will recognize in its Q3 2009 results losses of approximately EUR 13m while its shareholders equity will be reduced by approximately EUR5m.
The planned capital increase of the Bank with the issuance of 128,128,108 new shares is proceeding in accordance with the decisions of the Emergency General Meeting of Shareholders of 23 July 2009.
The Bank is committed to immediately inform the public of any material developments.