Marfin, Laiki and Egnatia in talks for a merger
Marfin Financial Group is in advanced talks to merge with Egnatia Bank and Cyprus’s Laiki, to form a large player in the Greek banking market, its vice chairman said yesterday. «We are in advanced talks and negotiations on the merger of Marfin with Egnatia and Laiki,» Marfin Vice Chairman and CEO Andreas Vgenopoulos told shareholders. Marfin’s Vgenopoulos told shareholders the envisioned bank will have a network of 150 branches and assets of about 21 billion euros, a market share of about 4.5 percent in deposits and 3.7 percent in loans. «This size will allow us to start competing with the other big banks,» he said. Last month small Greek bank Egnatia agreed to a strategic tie-up with Marfin, saying Marfin would raise its holding in the bank to 49 percent. Vgenopoulos said Marfin now held «more than 36 percent» of Egnatia. Also in March, Marfin received a bid for 31.55 percent of its share capital from Dubai Financial. (Reuters)
