Completion of the sale of 80% of the share capital of Eurolife ERB Insurance Group Holdings S.A. | Eurobank
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Completion of the sale of 80% of the share capital of Eurolife ERB Insurance Group Holdings S.A.

Eurobank Ergasias SA. (“Eurobank”) hereby announces that the sale of 80% of Eurolife ERB Insurance Group Holdings S.A. (“Eurolife”) to Costa Luxembourg S.a.r.l., a company jointly controlled by Fairfax Financial Holdings Limited and OMERS Administration Corporation (the “Transaction”) was completed on August 4, 2016, after all required regulatory approvals have been obtained.

The cash consideration paid pursuant to the Transaction documentation, post distribution of a EUR 34m dividend to Eurobank by Eurolife, was EUR 324.7m. The Transaction is capital accretive for Eurobank, as it increases its common equity tier 1 ratio by c. 27 bps (to 16.8% from c. 16.5%)[1].

Moreover, the Transaction confirms Eurobank’s strong commitment to execute its restructuring plan, as approved by the European Commission, and allows it to participate towards future value creation at Eurolife through its remaining 20% shareholding.


[1]Based on March 31, 2016, data