Marfin wants more Laiki shares

…No problem with Sivet

Marfin Financial Group Vice-Chairman Andreas Vgenopoulos is confident about the future prospects of the Laiki Bank Group, in which Marfin is the single largest shareholder and intent to continue increasing its stake.

Asked by the Financial Mirror to comment on the way the 2.308.872 shares of Laiki were transferred on Thursday to Marfin at the price of CYP 2.69 for a value of CYP 6.2 mln, Vgenopoulos acknowledged that the shares were the result of the balance of the recent rights issue of Laiki, for which the Investment Bank of Greece was the sole underwriter.

“There was nothing wrong or suspicious with the way the transfer was made,” said Vgenopoulos adding that after the recent increase in price, there was a package available for sale, which was absorbed by Marfin.

Pressed on the fact that Sivet Holdings is connected with Marfin, Vgenopoulos said investment decisions made by connected parties are made at “arm’s length”.

In response to a question by the Financial Mirror as to why Marfin was not purchasing Laiki shares directly from the CSE floor, as it had done when it lifted its stake in the Bank from 9.9% to 10.1%, Vgenopoulos said “due to the lack of volume on the stock, such an action would distort the price,” adding that “if there is volume and provided that the conditions are favourable, then we (Marfin) will not hesitate to purchase from the CSE floor.”