Marfin: Information on recent developments in the Group
6/7/2007 10:03
At a teleconference attended by representatives of the institutional investors, Marfin Popular Bank CEO, Andreas Vgenopoulos informed them on the latest developments in the Group. Among others, he stressed:
- The successful completion of the three-way merger and the impressive growth of activities in the first months of the year make necessary the upward revision of the forecasts on profits following the second and third quarter of the year. The forecasts of the three-year business plan will be revised accordingly.
- The Bank is not expected to take a strategic initiative concerning mergers or acquisitions until the end of the year.
- As regards to Bank of Cyprus, the impressive course and prospects of Marfin Popular Bank have made Bank of Cyprus a less attractive choice. Its importance is undermined by the hostile stance of its Management, which is supported by a number of shareholders, who do not approve the initiation of deliberations. Marfin Popular Bank will follow a more flexible policy for the Bank of Cyprus shares that it holds to serve its shareholders’ interests.
- The successful completion of the three-way merger and the impressive growth of activities in the first months of the year make necessary the upward revision of the forecasts on profits following the second and third quarter of the year. The forecasts of the three-year business plan will be revised accordingly.
- The Bank is not expected to take a strategic initiative concerning mergers or acquisitions until the end of the year.
- As regards to Bank of Cyprus, the impressive course and prospects of Marfin Popular Bank have made Bank of Cyprus a less attractive choice. Its importance is undermined by the hostile stance of its Management, which is supported by a number of shareholders, who do not approve the initiation of deliberations. Marfin Popular Bank will follow a more flexible policy for the Bank of Cyprus shares that it holds to serve its shareholders’ interests.
