The Securities and Exchange Commission announced on Wednesday that the shareholders of Popular Bank are not fully informed on the three-way merger of Marfin Financial Group, Laiki Group and Egnatia Bank in view of the bank’s Extraordinary General Meeting on October 24. SEC’s view is based on provision D1.4 of the Corporate Governance Code, according to which: “The Chairman of the Board of Directors must ensure that the daily agenda and the organization of the General Meetings does not eliminate the decision taking. The ordinary or special resolutions must be explained sufficiently to the shareholders, who must be given enough time before the General Meeting to evaluate the resolutions. This is also effective for the resolutions which entitle the Board of Directors to issue and allocate shares at its own discretion”.

According to newspaper “Phileleftheros”, the Central Bank intends to send a letter to the bank, asking for more information on the strategic plan and the viability plan of the new group. “Popular Bank submitted an application for the introduction of a new group. Its application is under examination. The Central Bank intends to request additional clarifications or information”, Central Bank spokesman, Giorgos Sirihas told StockWatch.

Meanwhile, Marfin Managing Director and Laiki Board member, Andreas Vgenopoulos will give a press conference at 2.00 pm in Laiki Sporting Club to inform the attendants on the latest developments and answer to the questions that will be raised.