The Boards of Directors of Piraeus Bank and Marfin Popular Bank Public Co Ltd, taking into account the best interests of their respective institutions and their shareholders, have made to the following resolutions:
- They have mutually agreed and committed to abstain from launching a public tender offer for the acquisition of the other party''s shares until 31.12.2010. These arrangements cover also the public tender offer submitted by Piraeus Bank to Marfin Popular Bank''s shareholders.
- Piraeus Bank, in line with its previously communicated intention to dispose its participation in Bank of Cyprus'' share capital (currently 8,07%), shall immediately sell said shares to Marfin Popular Bank.
- Piraeus Bank and Marfin Popular Bank will jointly examine forthwith the possibility of transferring Marfin Popular Bank''s retail banking network in England to Piraeus Bank.
Following such resolutions, the two institutions reinstate their amicable business and commercial relationship.