IRF buys Marfin Popular Bank shares

IRF announced that it completed the acquisition in the open market of approximately 7,734,403 million shares in Marfin Popular Bank, a commercial banking group listed on the Athens Exchange, for approximately EUR 65 mln in cash. The acquisition was funded through the utilisation of IRF’s cash balances. The shares acquired represent approximately 1% of Marfin Popular Bank’s outstanding shares as of December 31, 2006.

IRF’s current intention is to retain this minority stake as an investment.
Marfin Popular Bank is the result of a merger between Marfin Financial Group, Egnatia and Cyprus Popular Bank which occurred in the last quarter of 2006 and
as a result is a significant bank in both Greece and Cyprus, with diversified
banking interests in the retail, commercial and investment banking sectors.
Currently, Marfin Popular Bank has a market capitalisation of approximately EUR6.5 bln.
IRF also announced that in connection with this acquisition in Marfin Popular
Bank, Dennis Malamatinas has announced his resignation from the Board of
IRF, effective immediately.Malamatinas is also a board member of Marfin
Financial Group, an affiliate of Marfin Popular Bank.
“This acquisition allows IRF to enjoy the continued consolidation within the
Greek banking market” said Angeliki Frangou, Chairman of IRF. Frangou
added “we will miss Mr. Malamtinas” valuable contributions to IRF, but understand his retirement from the board given our acquisition of an interest in Marfin Popular Bank.”
IRF was formed to invest in the financial services industry throughout Europe with a primary focus on credit institutions and insurance companies in South Eastern Europe. IRF’s current strategy is the acquisition of financial institutions having valuations which do not reflect their potential and where marketing and operational efficiencies are possible. IRF owns a 20.16% interest in Proton Bank S.A.