Disposal

25 Sep 2008 07:00



IRF European Finance Investments Ltd

25 September 2008

IRF European Finance Investments Ltd

('IRF' or the 'Company')

IRF sells interest in Proton Bank

IRF confirms that it has sold 10 million shares in Proton Bank for a gross sales price of €65 million. The consideration for this disposal is in the form of cash. Following IRF's disposal of these shares in Proton Bank, IRF holds approximately 2.9 million shares in Proton Bank, representing an interest of approximately 4.65%. 

Ms. Angeliki Frangou, Chairman of IRF stated "IRF took advantage of an opportunity to sell these shares in Proton at a 10% premium to the market closing price as of 24 September 2008. Given the significant volatility affecting financial institutions, we determined to dispose of a significant portion of our investment in Proton". 

IRF originally acquired a 28% interest in the Proton Group in June of 2006. Subsequently, Proton Group merged with Omega Bank, and IRF's interest in the merged entity was reduced to approximately 20%. The proceeds from the sale will be retained by the Company for future acquisitions or investments.

For further information:

IRF European Finance Investments Ltd

Angeliki Frangou, Chairperson Tel: +30 (0) 210 428 0560

Numis Securities Limited

Nick Westlake (Nomad) Tel: +44 20 7260 1000

Alex Ham (Broker)

About IRF

IRF was formed to invest in the financial services industry throughout Europe with a primary focus on credit institutions and insurance companies in South Eastern Europe. IRF's current strategy is the acquisition of financial institutions having valuations which do not reflect their potential and where marketing and operational efficiencies are possible. IRF currently owns a 10.1% interest in Marfin Investment Group ('MIG').

About Proton Bank

Proton Bank is a full-service financial services institution, including retail and investment banking as well as the provision of specialized corporate advisory and investment services. Proton Bank has 28 branches in Greece and is listed on the Athens Stock Exchange under the symbol "PRO". It has a market capitalisation of approximately €369.8 million; in the financial year ended 31 December 2007, Proton had assets of approximately €2.37 billion and made a post tax profit of €20.8 million.

About MIG

MIG invests in private equity, privatisations and infrastructure projects and principally operates in Greece, Cyprus and South East Europe. It has a market capitalisation of approximately €3.74 billion; in the financial year ended 31 December 2007, MIG had assets of €6.87 billion and made a post tax profit of €330.4 million.

Forward-looking statements

All statements, other than statements of historical fact, included in this release are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. IRF assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.