Universal Life: Acquisition of majority stake by Aspis & Commercial Value not in line with the Groups targets

Following a thorough examination and evaluation of the Business Plan that the Greek insurance companies Aspis Pronoia AEGA and Commercial Value SA submitted jointly recently, the Board of Directors of Universal Life Insurance Company Public Limited believes that the acquisition of the majority stake in Universal Bank Public Limited by the two companies is not in line with the strategic targets of Universal Group.

It is reminded that the policy of Universal Life is to continue to hold a significant stake in the share capital of the Bank even after the presence of a suitable strategic investor, who will strengthen the Company’s capital base and will contribute to the development of its banking activities.