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Athens News Agency: News in English, 09-09-22
CONTENTS
[01] Aspis Bank: Insurance market turmoil has 'only limited impact' on
results
[01] Aspis Bank: Insurance market turmoil has 'only limited impact' on
results
(ANA-MPA) -- Athens-based Aspis Bank on Tuesday said its management was
totally independent from the insurance companies included in Aspis
Group, adding that its activities were not fundamentally affected by
recent developments in the insurance sector.
In a statement, the bank said the percentage of direct participation of
Aspis Life and Aspis General Insurance companies in Aspis Bank's equity
capital totaled 19.71 pct, while the bank's equity participation in
Aspis Insurance totaled 9.97 pct. Aspis Bank said it was offered
secured loans and letters of guarantee to the two companies worth 4.9
million euros.
Aspis Bank said it enjoyed high liquidity, fully complying with rules
over capital requirements. The bank said its participation in Aspis
Insurance will burden the bank's results by 13 million euros, while
equity capital will be burdened by around 5.0 million euros. The bank
said an equity capital increase plan, worth 120 million euros, would
proceed as planned.
Greece's insurance market watchdog on Monday to revoke the operating
licenses of five insurance companies within the Aspis Group.
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