Marfin Popular acquires Ukraine bank

Marfin Popular Bank Public Co Ltd (MPB) announced that it has signed an agreement for the purchase of 99.2% of the share capital of Marine Transport Bank Ukraine (MTB) for US$ 137.4 million.  Simultaneously, MPB is acquiring three affiliated companies of MTB operating in the area of leasing for US$ 0.7 million.

MTB is a bank organised as an open joint stock company under the laws of Ukraine.  It was established in 1993 as a private bank named Marine Trade Bank.  In 1996, the name was changed to Marine Transport Bank.  MTB is a universal bank having licences for a full range of banking operations.  The Bank has its headquarters in the Odessa region and has a total of 86 branches.

MTB had a share capital and reserves of US$34.1 million as per the unaudited financial statements as at 30 September 2006.  Total deposits and total advances stood at US$ 156.2 million and US$ 148.3 million respectively.

This transaction is subject to the necessary approvals being obtained from the regulatory authorities in Cyprus and Ukraine.

Marfin Popular Bank Public Co Ltd is based in Cyprus and has full banking operations in Cyprus, Greece, the United Kingdom, Australia, Romania, Serbia, Estonia and Guernsey.  The Group also maintains representative offices in the United States, Canada, South Africa and Russia.

Deutsche Bank acted on this transaction as an exclusive financial advisor to MPB.  Renaissance Capital acted as an exclusive financial advisor to the selling shareholders of MTB.