Marfin Popular Bank Public Co Ltd (MPB) announces the signing of a Share Purchase Agreement with the Ukranian Company UKRSELHOSPROM PCF LLC  for the sale of its total participation in its' subsidiary in Estonia, MARFIN PANK EESTI AS (MPE), for the total cash consideration of EUR 6,6m. 

The total participation of MPB in MPE is 70,54%.  MPE has two branches in Estonia and around 40 employees.

The main points of the agreement are:

• MPB sells its participation of 70,54% in  MPE   to UKRSELHOSPROM PCF LLC for a total cash  consideration of ΕUR 6,6m.
• In addition, MPB assigns to UKRSELHOSPROM PCF LLC the total of its obligations and rights arising from a subordinated loan which was granted to MPE, by receiving for this assignment the equivalent of the balance of the loan, EUR 4 m., plus interest at the time of the completion of the transaction.
• Completion of the agreement is subject to obtaining the necessary approvals from the Central Bank of Cyprus and the relevant regulatory authorities in Ukraine and Estonia and it is anticipated to be completed no later than the 29^th of February 2012.

The total value of the transaction represents a multiple of 1,70 times the Net Book Value of MPE at  30 September 2011 (non audited results). The transaction is expected to result in a profit from the sale of EUR €2.2 m. (estimated on the non audited financial statements for the period ending 30 September 2011).

This transaction is in line with the Group's strategy to concentrate further on the key strategic markets of SE Europe where it already has presence.