Aspis acquires BOC and CPB stake in UL

Bank of Cyprus Pcl (BOC) and Laiki Bank Pcl (CPB) jointly announced that they have reached a deal with Aspis Pronia, the Greek insurance company for the sale of their stake in the share capital of Universal Life Insurance Public Co.

The total consideration price is CYP 16.5 mln or CYP 1.99 per share.

The agreement is subject to satisfying a number of criteria, including: the payment of an upfront deposit, the waiving of the pre-emption right of the Georgiou Family and the granting of the necessary approvals by the Central Bank and the Superintendent of Insurance.

Laiki Bank, holding 35% of the share capital of UL will receive CYP 9.2 mln in cash while BOC, holding a 28% stake in UL will receive a total of CYP 7.3 mln in cash.