The Extraordinary General Meeting of the Shareholders of ASPIS BANK was held today, June 13, 2008, with the participation of shareholders representing the 67.00% of voting rights.
The General Meeting approved, among other issues, the increase of the total number of members of the Board of Directors by one (1) member and elected Mr Christos Sorotos as Managing Director in place of Mr Konstantinos V. Karatzas, who will, however, remain as Chairman of the BoD.
The new Managing Director, Mr Christos Sorotos, holds a degree in Economics from the Law School of the Athens University. He has held positions as General Manager of Citibank for Greece and Cyprus, General Manager of EFG Eurobank Ergasias, Deputy Governor of the National Bank of Greece and General Manager of Bank of America for Greece and Cyprus.
The change of management signals the end of a cycle of growth and restructuring for ASPIS BANK, which began with the arrival of Mr K. Karatzas in 2001. During these intervening years, the Bank has made significant progress substantially diversifying itself to a dynamic, middle sized, commercial Bank. Among the many achievements were the acquisition of two financial institutions, the network expansion from 25 branches on 2000 to 72 today, the launch of the first Greek securitization by the private sector, the cooperation with international institutions, the Bank?s overall operational and organizational restructuring and the installation of the new state-of-the-art IT system.
ASPIS BANK under the leadership of Mr Christos Sorotos is expected to enter a new phase of growth, effectively managing the effects of the turmoil in the international credit markets and growing its profitability. In addition, synergies between the Bank and the insurance agents of ASPIS Group - based on the preceding groundwork- will add value and enhance the Bank's growth prospects.
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