Marfin Popular sells 1.5 mln Bank of Cyprus shares

Marfin Popular Bank has sold 1.5 mln shares of Bank of Cyprus through the Exchange, pressuring the stock lower without giving the reasons for its sudden decision. Earlier the Bank was slapped with administrative fines imposed by the Cyprus Commission for Competition Protection (CPC) amounting to a total of CYP 10.000 or EUR 17.200 for buying an 8.19% stake in the share capital of Bank of Cyprus from Piraeus without first seeking the permission of the CPC.

The CPC nevertheless stressed that its investigation has not been completed and that it will await a report from its Service before deciding on how it will rule on this matter. In the meantime, MPB is forced to adhere to the CPC’s request of not making any effort to pressure Bank of Cyprus.