CPB: No discussion on merger with Marfin
9/8/2006 9:49
The Cyprus Popular Bank Public Company Ltd (Laiki Bank) announces that its Board of Directors has not been informed, as yet, and therefore has not discussed any recommendations for the merger of Laiki Bank with Marfin Bank and Egnatia Bank.
In order to better inform investors please find below extract from an announcement made yesterday by the largest shareholder of Laiki Bank, Marfin Financial Group, which followed a relevant article of the Greek Press and was published in the Listed Companies Press Releases of the Athens Stock Exchange.
“MARFIN FINANCIAL GROUP comments on an article published today in “CHRIMATISTIRIO” newspaper as follows:
1. Our firm position is that mergers / consolidation of banks in order to create bigger entities serve shareholders' and personnel's interests by achieving higher capital adequacy and better opportunities for operational development and strategic expansion.
2. As it has already been announced, the merger between MARFIN BANK and LAIKI BANK HELLAS with EGNATIA BANK is currently underway. Several alternative scenaria for further consolidation within the expanded Group of MARFIN F.G. which also includes LAIKI BANK CYPRUS are being currently considered. At the present stage and under this context no decision has been taken or will be taken until mid-September. However until a decision is reached none of the alternative scenaria can be ruled out.”
In order to better inform investors please find below extract from an announcement made yesterday by the largest shareholder of Laiki Bank, Marfin Financial Group, which followed a relevant article of the Greek Press and was published in the Listed Companies Press Releases of the Athens Stock Exchange.
“MARFIN FINANCIAL GROUP comments on an article published today in “CHRIMATISTIRIO” newspaper as follows:
1. Our firm position is that mergers / consolidation of banks in order to create bigger entities serve shareholders' and personnel's interests by achieving higher capital adequacy and better opportunities for operational development and strategic expansion.
2. As it has already been announced, the merger between MARFIN BANK and LAIKI BANK HELLAS with EGNATIA BANK is currently underway. Several alternative scenaria for further consolidation within the expanded Group of MARFIN F.G. which also includes LAIKI BANK CYPRUS are being currently considered. At the present stage and under this context no decision has been taken or will be taken until mid-September. However until a decision is reached none of the alternative scenaria can be ruled out.”
