In a statement, Aspis Bank said Advantage Capital Holdings Plc (formerly Aspis Holdings Public Co. Ltd), the main shareholder of Commercial Value, announced that its subsidiary Commercial Value Insurance SA has reached an initial agreement with Restis group to sell its rights of preference in Aspis Bank.
Under the agreement, Restis Group will pay 65 million euros to participate in Aspis Bank’s equity capital and buy 65 million shares. Commercial Value will also sign a 20-year bancassurance deal with Aspis Bank. Final details of the deal were expected to be announced in the next seven days.
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