According to Greek reports released on Tuesday, Marfin Bank, which has a stake of 9.98% in Laiki Group, seeks for a triple merger with Laiki Bank Greece and Egnatia. Same reports reveal that the merger will lead to the introduction of a new bank, which will have 160 branches, assets of €8 billion and a capitalization to exceed €2.5 billion (current valuation of Marfin at €1.3 billion).

According to the reports, the new banks will focus in retailing and its name will not be Marfin. Marfin Group also plans to propose to Laiki Bank Cyprus to remain a shareholder in the new bank (20-30%).

Invited by StockWatch to comment on the latest reports, Laiki Bank Spokesman, Costas Arhimandritis denied the allegations and reminded that Chairman of the Group, Kikis Lazarides and Marfin Deputy Chairman, Andreas Vgenopoulos had talked about the prospects of cooperation. “There are margins for cooperation. At the current stage, we have nothing to announce”, he said.

StockWatch tried to contact a Marfin Bank representative, but he was unavailable for comment.