Marfin: Acquisition price of 50.12% of AS SBM Pank at €6.43m
2/11/2007 10:22
Further to the announcements dated 14/6/2007 and 1/10/2007 on the acquisition of 50.12% of AS SBM Pank, Marfin Popular Bank Public Co Ltd announces the following:
- The total acquisition price of 50.12% of the Company (10,050,000) shares stands at €6,432,065, which has been paid cash and no goodwill is resulting. For the acquisition of the share capital, audit firm Grant Thornton prepared a due diligence and no external consultant has been involved.
- AS SBM Pank was established in Estonia on 14/10/1999 and operates under the supervision of the Estonian authorities. It has four branches and offer complete banking services and products to its customers.
- The stake has been acquired by Marfin Investment Group within the framework of the reduction of the stake of MPB in MIG and the transfer of the Group’s financial activities in MPB. The dealing is at arm’s length.
- According to the growth plans of AS SBM Pank, we believe that the conditions are suitable so that the investment is fruitful and contributes to the Group’s profitability.
- Pursuant to the audited financial statements in December 2006, the net profit stood at €223 thousand. The shareholders’ interest amounted to e12.6 million and the loans and deposits to €22.3 million and €13.3 million respectively.
- The total acquisition price of 50.12% of the Company (10,050,000) shares stands at €6,432,065, which has been paid cash and no goodwill is resulting. For the acquisition of the share capital, audit firm Grant Thornton prepared a due diligence and no external consultant has been involved.
- AS SBM Pank was established in Estonia on 14/10/1999 and operates under the supervision of the Estonian authorities. It has four branches and offer complete banking services and products to its customers.
- The stake has been acquired by Marfin Investment Group within the framework of the reduction of the stake of MPB in MIG and the transfer of the Group’s financial activities in MPB. The dealing is at arm’s length.
- According to the growth plans of AS SBM Pank, we believe that the conditions are suitable so that the investment is fruitful and contributes to the Group’s profitability.
- Pursuant to the audited financial statements in December 2006, the net profit stood at €223 thousand. The shareholders’ interest amounted to e12.6 million and the loans and deposits to €22.3 million and €13.3 million respectively.
