Marfin Popular Bank slashes borrowing costs

Marfin Popular Bank announced that it is delaying the planned increase in its Base rate until end of December 2008. Furthermore, the bank announced that effective November 12, 2008, it will reduce the borrowing costs on all loans tied to the ECB base rate by 0.5%, in addition to the most recent reduction of 0.5% made last month.
The management of MPB will follow developments closely and take action according to market developments, it said.