Marfin rules out public offer on Bank of Cyprus

Marfin Popular Bank CEO Andreas Vgenopoulos insists that MPB does not intend to submit a public offer to the shareholders of Bank of Cyprus and will stop the initiatives for a consolidation in the banking sector for the period of one year.
Speaking at a teleconference with analysts, Vgenopoulos said the acquisition of the 8.07% stake in Bank of Cyprus will prevent the arrival of a foreign bank in the Cyprus market and will secure the Cypriot character of Bank of Cyprus.
“ MPB does not wish to have a representative in the Board of Directors of Bank of Cyprus.”
The priorities of MPB is its core growth, the geographical expansion in the region and the finalization of the merger of the three banks (Egnatia, Laiki, Marfin), which is developing rapidly and will be finalized earlier than expected.
The new name of the Group in Greece will be “Marfin-Egnatia Bank” and will have the logo of Laiki Bank.
MPB is examining the possibility of proceeding to the acquisition of a small bank in an emerging market. The next General Meeting will propose a buyback program, which will become effective in accordance with the market conditions. Press reports suggest the new acquisition will be in the Ukraine.
The subsidiary of the bank, Marfin Financial Group, will hold a General Meeting on March 29 to approve the increase in the share capital by EUR5.2 billion, while the business plan of MPB does not include the possible profits from the company.