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Announcements

14 November 2018

The Vardinoyannis Group aquired the Investment Bank of Greece

(31-10-2018)

Ireon Investments Ltd., of the Vardinoyannis Group, aquired 97.08% of the shares of the Investment Bank of Greece (IBG), as was announced by Motor Oil and EY, a sales consultant of the Cyprus Popular Bank.

Ireon Investments Ltd. also aquired CPB Asset Management and Laiki Factors & Forfaiters.

The Share Purchase Agreement (SPA) was signed on October 30, 2018 with a total consideration of € 73.5 million.

With the acquisition, its new major shareholder intends, following the immediate strengthening of the financial institution’s balance sheet, to develop the activity of the Investment Bank in corporate banking, while also strengthening and developing the network of its branches.

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