G.A.P. Vassilopoulos Group, which represents Western Union in Cyprus and the United Kingdom, has reached an agreement for the representation of Western Union in Israel. Western Union is a leading online money transfer company in the world with a network of over 500,000 points in more than 200 countries.

According to the announcement, the representation will be through the newly-established company G.A.P. Vassilopoulos Customer Services Ltd. The new company has secured the necessary license to provide money transfer services in the territory of Israel.

G.A.P. Vassilopoulos Customer Services Ltd will conduct its activities through a large network of partners. This development is expected to increase the Group's turnover and to lead to a future positive impact on its profitability, as well as to increase the bank balances, the debtors and creditors of the Group.
Part of the new activities require a permanent establishment in Israel and the results will be subject to local taxation.

Niceman Enterprises Ltd will participate in the activities of Israel with 27% against €1,000,000 (one million euros) and with a transfer to GAP Vassilopoulos Akis Express Ltd of 8% of the shares held by Niceman Enterprises Ltd in GAP Vassilopoulos UK Ltd. The G.A.P. Vassilopoulos Group, after the transaction, will control 73% of the activities of the United Kingdom (it currently controls 65%) and 73 % of the activities of Israel.

These developments are expected to have a positive contribution to the consolidated results of GAP Vassilopoulos Public Ltd for the year ending on December 31, 2013 by approximately €1.300.000, which are expected to be improved over those of the corresponding period of 2012.

The company’s losses in 2012 fell to €48.7 thousand from losses of €1.7 million last year.