Marfin will not press with Bank of Cyprus cooperation petition

Marfin Popular Bank strongman Andreas Vgenopoulos has decided to pull back a petition that he wanted to submit at the forthcoming AGM of Bank of Cyprus, intending to force the Board and Management of the Bank of Cyprus to discuss an offer by Marfin to enter into a strategic cooperation agreement.

The news came following a meeting between Marfin CEO Andreas Vgenopoulos and the Archbishop of Cyprus, Chrysostomos II on Thursday. According to a written statement read to journalists after the meeting, Archbishop Chrysostomos advised Vgenopoulos to withdraw the Bank’s resolution.
The Church primate told reporters that ”Mr Vgenopoulos told me that even though he retains his positions, he will fully respect the views and suggestions of the Church, recognizing its leading role in Cypriot society.”
Vgenopolos said that during the meeting he had a detailed discussion with the Church primate in their capacity as the two biggest shareholders of the Bank of Cyprus. Marfin CEO also referred to the excellent cooperation he has with Archbishop Chrysostomos since his arrival in Cyprus.
Archbishop told reporters that the Church has always been in favour of dialogue on all issues, national, social and business, but it believes that during this period the tension between the directors of the two banks is not conducive to talks.
“In our opinion the possibility to begin a dialogue could be reexamined in the future and under different circumstances,” he said.
Bank of Cyprus Annual General Meeting is scheduled for the 6th of June. Marfin pursued merger with its main rival setting on the table different proposals, all rejected by the Bank of Cyprus management and the Board of Directors. Its most recent proposal is that the two merge their international operations as a first step to a possible full merger at a later stage. But under Church advice the proposal was withdrawn.
Marfin Popular Bank is the biggest shareholder in Bank of Cyprus with 8.18% stake.