Georghiou bids for BOC stake in UL

Andreas Georghiou, CEO of Universal Life Group has exercised an option giving him first right on the Bank of Cyprus shares that the Bank wished to sell to Aspis Pronia of Greece.

“My decision was taken to protect the independence of the company and to protect the interests of all shareholders, the staff and clients of Universal Life,” said Georghiou in a written statement.

Two weeks ago, Bank of Cyprus Pcl (BOC) and Laiki Bank Pcl (CPB) jointly announced that they had 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 was CYP 16.5 mln or CYP 1.99 per share.

The agreement was subject to satisfying a number of criteria, including: the payment of an upfront deposit, the waiving of the preemption right of the Georghiou 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 would receive CYP 9.2 mln in cash while BOC, holding a 28% stake in UL would receive a total of CYP 7.3 mln in cash.