In his statement released on Tuesday, Mr. Efthimios Bouloutas referred to the “volatile balances among the parties and the conditions fro the crisis in Greece and Cyprus” as the reasons for his resignation from his position as CEO.
“Marfin Popular Bank faces the challenges of a big Cypriot bank with significant presence in Greece. This together with the ongoing crisis in Greece and Cyprus, undoubtedly, has made the balances among the parties volatile”, he said.
“In light of the above and thus the conditions for the exercise of my duties, I decided to hand in my resignation from the position of CEO of Marfin Popular Bank Group”, Mr. Bouloutas added.
“In the last five years in my tenure, Marfin Popular Bank expanded its business activities in the retail and commercial banking and penetrated into new profitable areas such as the investment banking, the retail banking and the international business banking. Specifically, the total assets of the Bank increased by 74% from €22.6 billion to €39.2 billion, the Group's revenues doubled to €1.1 billion from €0.5 billion in 2006 while the pre-provision profitability increased to €420 million from €260 million”, he noted.
The Group is geographically diversified through acquisitions in Ukraine, Malta and Russia while it expanded its presence in Romania, Serbia and Greece. The last share capital increase, which was successfully completed in February 2011 and was oversubscribed, protected the Group in order to meet new challenges. In 2011, Marfin Popular Bank managed to be amongst the largest European banks, occupying the 72nd position according to the prestigious magazine "THE BANKER". The classification was based on the Tier 1 index.
Marfin Popular Bank has all the requirements not only to cope with the difficult economic times but also with a successful recapitalization to remain private and generate significant gains for its shareholders.
“I would like to thank the shareholders for their honour, the Board of Directors, which surrounded me with confidence and supported me with the unanimous decisions all those years and all the members and staff of the Bank for their cooperation”.
“I wish Mr. Christos Stylianidis, my successor, every success”, he concluded.
“Marfin Popular Bank faces the challenges of a big Cypriot bank with significant presence in Greece. This together with the ongoing crisis in Greece and Cyprus, undoubtedly, has made the balances among the parties volatile”, he said.
“In light of the above and thus the conditions for the exercise of my duties, I decided to hand in my resignation from the position of CEO of Marfin Popular Bank Group”, Mr. Bouloutas added.
“In the last five years in my tenure, Marfin Popular Bank expanded its business activities in the retail and commercial banking and penetrated into new profitable areas such as the investment banking, the retail banking and the international business banking. Specifically, the total assets of the Bank increased by 74% from €22.6 billion to €39.2 billion, the Group's revenues doubled to €1.1 billion from €0.5 billion in 2006 while the pre-provision profitability increased to €420 million from €260 million”, he noted.
The Group is geographically diversified through acquisitions in Ukraine, Malta and Russia while it expanded its presence in Romania, Serbia and Greece. The last share capital increase, which was successfully completed in February 2011 and was oversubscribed, protected the Group in order to meet new challenges. In 2011, Marfin Popular Bank managed to be amongst the largest European banks, occupying the 72nd position according to the prestigious magazine "THE BANKER". The classification was based on the Tier 1 index.
Marfin Popular Bank has all the requirements not only to cope with the difficult economic times but also with a successful recapitalization to remain private and generate significant gains for its shareholders.
“I would like to thank the shareholders for their honour, the Board of Directors, which surrounded me with confidence and supported me with the unanimous decisions all those years and all the members and staff of the Bank for their cooperation”.
“I wish Mr. Christos Stylianidis, my successor, every success”, he concluded.
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