MFS acquires MPB stake in Universal Life

MFS Public Co. Ltd., has purchased the 35.12% stake of Marfin Popular Bank in Universal Life Insurance Pcl at CYP 3 per share in a deal valued at EUR 24.1 mln. MFS, which was recently acquired by the Aspis Group of Greece purchased a total of 4.6 mln of Universal Life Insurance shares.

Six months ago, the Bank of Cyprus had sold its 28% stake in Universal Life Insurance to CEO Andreas Georghiou and UL majority shareholder the Photiades Group at CYP 2.10 per share.

The acquisition of the 35.12% stake in UL is expected to facilitate the related takeover bid submitted by Aspis and its subsidiary Commercial Value, seeking a minimum 20% to maximum 50% plus one share of Universal Bank (USB), for which there is interest also by two shipping groups based in Limassol.

Universal Life is the largest shareholder of USB with a 61% stake.