HSBC sees Marfin Popular at EUR 8.30

HSBC has initiated coverage on the shares of Marfin Popular Bank with a price target of EUR 8.30 and a “neutral” recoemdnation, according to a report issued on March 26. At the same time, HSBC has dropped coverage of Marfin Financial Group after the company was successfully absorbed by MPB.

HSBC expects MPB to record profit growth of 10% in 2007, 7% in 2008 and 9% in 2009. MPB shares last closed at EUR 8.00 per share, trading on both the CSE and ATHEX.