Marfin Popular Bank to maintain base in Cyprus

The Board of Directors of Marfin Popular Bank have decided to keep the bank’s legal base in Cyprus and following a meeting on Tuesday, gave the green-light for the Cyprus bank to absorb the operations of Marfin Egnatia Bank, in a move seen as highly positive for Cyprus.
Marfin Popular Bank’s management believes that the reactions which followed its initial decision to shift its legal base from Cyprus to Greece have revealed the need for constructive dialogue for the enhancement of the institutional and regulatory framework of the Cypriot financial services system as well as the abolition of dysfunctions which act as barriers to entrepreneurship and the attraction of international investments in Cyprus.
Executive Vice-Chairman of Marfin Popular Bank Andreas Vgenopoulos told reporters in Nicosia following the Board decision that the Bank wishes to enter into a fundamental dialogue and lay its arguments having already settled the outstanding matter of its legal seat.
“By taking the decision and announcing that we are keeping our base in Cyprus, our arguments cannot be weakened or viewed under the prism of alleged own interests or the exertion of pressure to secure special privileges.”
Vgenopoulos confirmed that he has had two meetings with Central Bank of Cyprus Governor Athanasios Orphanides during the past month where many issues have been raised in a productive way.