BOCY rejects proposals of cooperation of Marfin Popular
THE CONDITIONS FOR GENERATING ADDED VALUE FOR GROUP SHAREHOLDERS, CUSTOMERS AND EMPLOYEES ARE NOT ESTABLISHED
The Chairman of the Board of Directors of the Bank of Cyprus Group categorically rejected proposal from Marfin Popular Bank for a possible partnership with Bank of Cyprus. Today’s proposals do not add anything new to Marfin Popular Bank’s position on the matter.
The Chairman reiterated the Bank of Cyprus Group decision that any collaboration with Marfin Popular Bank is not in the interests of its shareholders, customers and employees. Consequently, the Bank of Cyprus Group does not intend to put at risk its three-year business plan, which aims to ensure a major increase in profits and which has been enthusiastically received by the international investment community and the Bank of Cyprus shareholders.
Marfin Popular Bank’s levels of profitability and its constantly changing strategic direction differ radically from the Bank of Cyprus Group’s consistent strategy and profit-generation profile, which is based on recurring, steadily-increasing profits primarily generated by banking operations. Thanks to its clear-cut strategy, tried-and-tested management team, robust capital base and high profitability, the Bank of Cyprus Group has been systematically generating value for its shareholders and substantively contributing to the growth and development of its customers and staff in the markets it operates in.
The Bank of Cyprus Group would also point out that, out of respect for the principles of fair competition, it follows a policy of not interfering with the corporate governance procedures of its competitors. This policy was applied in the past in the cases of Laiki Bank and Hellenic Bank. For precisely this reason, it has not exercised the voting rights of its subsidiaries' investment holdings at today's Extraordinary General Meeting of Marfin Popular Bank.
The Chairman of the Board of Directors of the Bank of Cyprus Group categorically rejected proposal from Marfin Popular Bank for a possible partnership with Bank of Cyprus. Today’s proposals do not add anything new to Marfin Popular Bank’s position on the matter.
The Chairman reiterated the Bank of Cyprus Group decision that any collaboration with Marfin Popular Bank is not in the interests of its shareholders, customers and employees. Consequently, the Bank of Cyprus Group does not intend to put at risk its three-year business plan, which aims to ensure a major increase in profits and which has been enthusiastically received by the international investment community and the Bank of Cyprus shareholders.
Marfin Popular Bank’s levels of profitability and its constantly changing strategic direction differ radically from the Bank of Cyprus Group’s consistent strategy and profit-generation profile, which is based on recurring, steadily-increasing profits primarily generated by banking operations. Thanks to its clear-cut strategy, tried-and-tested management team, robust capital base and high profitability, the Bank of Cyprus Group has been systematically generating value for its shareholders and substantively contributing to the growth and development of its customers and staff in the markets it operates in.
The Bank of Cyprus Group would also point out that, out of respect for the principles of fair competition, it follows a policy of not interfering with the corporate governance procedures of its competitors. This policy was applied in the past in the cases of Laiki Bank and Hellenic Bank. For precisely this reason, it has not exercised the voting rights of its subsidiaries' investment holdings at today's Extraordinary General Meeting of Marfin Popular Bank.
