IRF (AIM: IRF) is pleased to announce that it has received formal approval from the Bank of Greece for its acquisition of the 28 per cent. interest in Proton Investment Bank S.A.

Angeliki Frangou, Chairman, stated, "We are excited about the acquisition of a controlling position in Proton and the platform for growth it represents. We look forward to playing a significant role in the ongoing consolidation of the banking sector in Southeastern Europe".