Marfin Laiki expects investor support from Cyprus and abroad

Marfin Laiki Bank expects support from existing and new shareholders in its efforts to raise funds and ensure a capital buffer of 1.9 bln euros is in place before next June, the bank’s new CEO told a journalists’ briefing.
Christos Stylianides, until recently Deputy CEO, said that there is “firm interest” from existing as well as new investors, especially from China and Europe, to participate in any capital increase that the bank will proceed with, which has been necessary after many were left exposed to Greek government bonds.
Stylianides said that he was confident the bank’s recapitalisation plans would succeed, despite calls by major shareholder and former non-executive chairman Andreas Vgenopoulos for the mediation of the world’s biggest asset manager, BlackRock Inc.
“Any part-nationalisation of Cyprus banks to bail them out would propel the state budget deficit from 68% to 88% of GDP,” he said.
Stylianides based his confidence on future prospects of the Cyprus economy, especially after the anticipated finds of LNG deposits in offshore gasfields south east of Cyprus, as well as the fact that Marfin Laiki boats the biggest number of clients and depositor accounts in Cyprus.