09 Jul ICAP CRIF: establishes ICAP CRIF RATINGS SINGLE MEMBER S.A.

Tuesday July 9th, 2024

PRESS RELEASE
ICAP CRIF S.A. group of companies establishes ICAP CRIF RATINGS SINGLE MEMBER S.A.

ICAP CRIF S.A. announces the demerger of its Credit Rating Division, which will now operate as a separate company under the name ICAP CRIF RATINGS SINGLE MEMBER S.A.

The new company is fully owned by ICAP CRIF S.A. and retains the registration from European Securities and Markets Authority (ESMA) to operate as a Credit Rating Agency and the right to issue Credit Ratings that comply with the provisions of Regulation (EC) 1060/2009 of the European Parliament and of the Council of 16 September 2009 on Credit Rating Agencies.

The spin-off allows the new company to primarily focus on the provision of credit ratings, while improving internal governance and operational policies to enhance the credibility, transparency, independence, and quality of the services provided.

The President and CEO of the new company, Nikitas Konstantellos, stated: “The spin-off of the Credit Rating Division is an important step for our company. This move will allow the new entity to develop its own strategy and offer even more reliable and high-quality credit ratings to our clients, fully respecting the institutional role it has played in the country’s financial system and has served for more than 15 years.”

Read HERE the full Press Release