Marfin Popular Bank completes insurance sale to CNP

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Marfin Popular Bank Public Co Ltd (CPB) announced the finalization of the agreement with CNP Assurances signed on 22 July 2008, with regards to the development of insurance activities in Greece and Cyprus via CPB’s bank networks. According to the agreement CNP will acquire 50.1% of the insurance operations of CPB (Marfin Insurance Holdings Ltd) and will have the control of the management of these activities for the amount of EUR145 mln plus an earn-out of about EUR20 mln linked to business objectives.