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IRF Euro Fin Invs Ld (IRF)

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Friday 29 September, 2006

IRF Euro Fin Invs Ld

Merger Completion

IRF European Fin Investments Ltd 
29 September 2006







IRF EUROPEAN FINANCE INVESTMENTS LTD

('IRF')



Completion of the merger of Proton Bank S.A. ('Proton Bank'), Omega Bank S.A. ('
Omega Bank') and Proton Securities S.A. ('Proton Securities') and appointment of
Loucas Valetopoulos as Chief Executive Officer and Director of IRF



Merger completion:



IRF (AIM: IRF) is pleased to announce that today, the Ministry of Development of
Greece cleared the merger of Proton Bank with Omega Bank and Proton Securities,
which was approved by shareholders of the three companies on September 7, 2007.

The combined entity will become fully operational on Monday, October 2 under the
name Proton Bank S.A.



Appointment of new Chief Executive Officer and Director:



IRF is also pleased to announce the appointment of Loucas Valetopoulos as IRF's
Chief Executive Officer and as a member of its board of directors, effective
September 29, 2006.  Mr. Valetopoulos succeeds Georgios (George) Kintis, who
resigned from his position as Chief Executive Officer and Director of IRF,
effective today.  Mr. Valetopoulos brings significant corporate management and
banking experience to IRF.



Mr. Valetopoulos will also replace Mr. Kintis as a Director of the combined
Proton and Omega companies.



Prior to being named IRF's Chief Executive Officer, Mr. Valetopoulos, aged 46,
worked for over 21 years in corporate, investment banking and senior managerial
positions, first with Citibank in Greece in 1985 and then for BNP Paribas and
ABN-AMRO.  During this time, he also set up the Greek Government Investment
Promotion Agency, an office responsible for the promotion and support of foreign
direct investment into Greece.  As Vice Chairman of a publicly listed company,
Electra S.A., that was later acquired by Piraeus Bank, he oversaw a €55 million
share capital raise on the Athens Stock Exchange.  Since 2003, he has been
Managing Director of a family-owned real estate consultancy, Valeur S.A., of
which he remains Chairman.



With these announcements, IRF believes it is in position to build and manage
IRF's business and to direct its investment policy.  Angeliki Frangou, Chairman
of IRF, stated that 'George helped lay the foundation that enabled us to develop
IRF in its early stages. We wish him well and now look to Loucas to lead us in
the next phase of our development.'







At the date of this announcement, Mr. Valetopoulos (a) does not own any shares
of IRF, (b) has no unspent convictions in relation to indictable offences, (c)
has not been declared bankrupt or entered into an individual voluntary
arrangement, (d) has not been a director of any company at the time of, or
within the 12 months preceding, any receivership, compulsory liquidation,
creditors' voluntary liquidation, administration, company voluntary arrangement
or any composition or arrangement with its creditors generally or any class of
its creditors with which such company was concerned, (e) has not been a partner
in a partnership at the time of, or within 12 months preceding, a compulsory
liquidation, administration or partnership voluntary arrangement of such
partnership, (f) has not had his assets the subject of any receivership or been
a partner in a partnership at the time of, or within the 12 months preceding,
any assets thereof being the subject of a receivership, and (g) has not been the
subject of any public criticisms by any statutory or regulatory authority
(including any recognised professional body) nor has he ever been disqualified
by a court from acting as a director of a company or from acting in the
management or conduct of the affairs of any company.  Save as disclosed in this
announcement, Mr. Valetopoulos has confirmed that there are no further
disclosures required pursuant to Schedule Two paragraph (g) of the AIM Rules.


                      This information is provided by RNS
            The company news service from the London Stock Exchange