PROTON BANK presented itself today, at the Association of Greek Institutional Investors, briefing institutional investors and analysts on the latest developments concerning its progress. Year 2005 was significant fill of positive developments for PROTON of paramount importance was the substantial strengthening of the Bank's capital base and the consequent change in its shareholders' structure. This way, the Bank has laid down the foundations for the best possible implementation of its strategy for a dynamic and balanced expansion. Looking forward, PROTON BANK has two very important prospects under way:
1. The merger with Omega Bank, which creates a new organisation with a capital base of euro 300 millions, total assets of euro 1.5 billions, loans of euro 900 millions and deposits of euro 1.1. billions. The new Bank will be focusing on both commercial and investment banking activities, through a network of 18 branches spread out across the country. In addition, it will continue its active role through its affiliates in Asset Management, insurance services and Real Estate. The merger is expected to be complete by the end of September 2006.
2. The acquisition of a considerable stake (between 28% and 30%) of PROTON's total share capital by the IRF European Finance Investments Ltd, at euro 9.5 per share. Thus IRF becoming a strategic investor in the Bank. The transfer of shares will be completed in the next 4-6 weeks. IRF European Finance Investments Ltd is an international investment company floated in the AIM London Exchange. Its shareholders base mainly consists of foreign institutional investors and funds of Greek interests. IRF's head is Mrs Angeliki Frangou. The agreement is expected to benefit PROTON?s evolution substantially as it will bring about extensive synergies between the two parties and will enhance the Bank's potential for raising capital necessary for its further expansion.
The Bank's financial statements are drawn up for the first time according to the IFRS principals. More specifically, the asset side for year 2005 for the Group was at EUR 271.7 million, consolidated gross income came at EUR 35.4 millions, EBITDA at EUR 24.7 millions, whereas net income for the Group reached EUR 22.1 million. In addition, the Group's results for the first Quarter of 2006 were: assets of EUR 362.4 million, gross income of EUR 20.8 million, EBITDA of EUR 15.2 million, and net income, for the Group, is estimated to EUR 15.2 million.