Aspis submits improved bid for USB

The Greek companies Aspis Pronoia AEGA and Commercial Value SA decided to submit jointly a new Public Offer for the acquisition of a minimum 20% and a maximum 50% plus 1 share of the share capital of Universal Bank Pcl (USB) against an improved 95 cent (EUR1.65) per share cash after earlier their bid for control of USB failed.

During the previous public offer bid made by Aspis and Commercial Value SA seeking a minimum 50% of USB at 90 cent or EUR 1.56 per share, which expired on November 2, 2006, the companies announced that their joint bid had failed since it did not meet the minimum 50% plus one share level.

Aspis Pronoia AEGA is an insurance company actively involved in the Life and General Sectors in Greece. It was founded in 1944 as one of the few private insurance companies (without the government’s participation) in Greece. In 1987, current Chairman of the Group, Pavlos Psomiadis, acquired a majority stake. The Company operates in its present form and under the current trademark since 1995. It has 2,937 insurance consultants and 163 sales points nationwide. The shares of Aspis Pronoia are listed in the Athens Stock Exchange (ASASK).
Commercial Value SA is also an insurance company, which is actively involved in the Life and General Sectors in Greece. It is the result of a merger of Commercial Union Life AEAZ, Scoplife AEAZ, Gothaer, Nordstern Colonia Life, Nordstern Colonia General and United SA. It has 45 branches, 800 collaborating agencies and serves 300,000 customers.
Both Aspis Pronoia and Commercial Value are associated companies of Aspis Group, which is actively involved in the sectors of insurance services, banking & financial services and investment activities in Greece and other countries such as Cyprus, Sweden and Germany. Aspis Group is the 3rd largest insurance organization in Greece with equity of EUR 350 mln, assets of EUR 3 bln and insurance reserves of EUR 475 mln. The total premiums of the Group in 2005 stood at EUR 360 mln and the compensations at EUR 140 mln. It has 1,100,000 customers, served via a network of 300 branches. Its human resource includes 2,000 administrative staff, 2,500 insurance consultants and 500.
Aspis Pronoia and Commercial Value aim expand the Group’s presence in Cyprus and the wider are of Middle East (at a later stage). It is noted that Aspis Group is already actively involved in Cyprus via its associated company Aspis Pronoia Cyprus Ltd and has already completed successfully the Public Offer for the acquisition of 50% plus 1 share of the share capital of MFS Holdings Public Company Ltd, which is a holding company of insurance company Liberty Life Insurance Public Company Ltd.
The Public Offer for the acquisition of Universal Bank is the successful completion of Aspis Group’s attempt to expand in Cyprus, since it will provide complete financial services to the public. Universal Bank will take advantage of the experience and know-how of Aspis Group in the banking activities.

Preconditions
The Public Offer requires the submission of the Acceptance Forms by the shareholders of Universal Bank, so that Aspis Pronoia and Commercial Value acquire at least 20% of the issued share capital of the company.
The Public Offer is subject to the necessary approvals by the Central Bank of Cyprus and the Commission for the Protection of Competition.  It is noted that the Greek companies have already submitted an application and a 5-year strategic plan to the Central Bank of Cyprus, pursuant to the relevant legislation and have already secured the approval on the acquisition by the Commission for the Protection of Competition.
Sharelink Securities and Financial Services Ltd acts as financial consultant of Aspis Pronoia and Commercial Value, while L. Papafilippou and Co act as legal advisors.