Cyprus Church seeks Marfin stake in Hellenic Bank

The Archbishop Chrysostomos B’ has expressed an official request by the Church of Cyprus to acquire the 8.59% stake of Marfin Popular Bank Pcl (MPB) in Hellenic Bank’s share capital.

Marfin CEO Andreas Vgenopoulos stated that MPB’s participation in HB’s share capital should not be considered as a strategic investment rather as an investment available for sale.

“I have no idea why in the first place the stake was built and maintained. We have told the Archbishop that the stake is at his disposal and when they make their decision will be sold to the Church,” said Vgenopoulos.

The Holy Archipishopric of Cyprus holds a direct stake in HB of approximately 5.7%, whilst the Church of Cyprus has a total participation of 22% (including all direct and indirect stakes of the various Churches, monasteries and other corporate holdings. By purchasing the MPB stake, the Church of Cyprus and related parties will have a total direct and indirect stake above 25%, which will give them effective control.

“The Church played an instrumental role in setting up Hellenic Bank and helped it grow, which is why we want to have a major say in its future,” Archbishop Chrysostomos B’ told reporters after a meeting with Vgenopoulos.