Aspis Holdings Cyprus completes takeover of Proton Insurance

Aspis Holdings Public Company Ltd (ASP) announced that within the framework of the Company’s announcement in October 2008 with regards to the agreement with Proton Bank SA, for the acquisition of a stake of the latter’s insurance unit (Proton Insurance SA), the Company proceeded with an announcement regarding the finalisation of the acquisition with a total stake of 92.7%. The total consideration for the acquisition stood at EUR7.8mln with a payment of EUR3.0mln paid in advance in October 2008. The strategic plans of this agreement include the formation of synergies between Proton Bank, Proton Insurance and the Group’s subsidiary, Commercial Value for the introduction of new bancassurance products and the distribution of the subsidiaries’ products via the Bank’s branch network. Based on the previous announcement, Proton Bank SA will receive a lump sum commission for the bancassurance agreement of EUR14.0mln, payable in 16 six-month instalments.