Marfin buys 6.8 mln Laiki shares

Marfin Financial Group announced that it purchased another 6.8 mln shares of Laiki Bank (CPB) at an average price of CYP 2.73 on August 18, 2006, lifting its stake in the bank to 11.91% from 10.1% previously.

As stated by MFG Vice-Chairman Andreas Vgenopoulos, the Group will eventually increase its stake in Laiki to 20% for which it has already received Central Bank of Cyprus permission.

Initially Marfin purchased a 9.9% stake in Laiki at the price of CYP 1.70 per share from HSBC stake, placing the Group as the single largest shareholder in Cyprus’ second largest financial institution.

Marfin had been holding back from purchasing Laiki shares from the floor in view of the closed period, ahead of the announcement of the first half results by the Bank on August 8.