Marfin Popular Bank Public Co Ltd announces that the Group subsidiary Laiki Investments (Financial Services) Public Company Ltd has made the following announcement:
"Laiki Investments (Financial Services) Public Company Ltd announces that its Board of Directors, at its meeting on 5 October 2007, decided to initiate a procedure of merger by absorption of CLR Capital Public Ltd. Laiki Investments (i.e. its total shareholders in the new share capital following completion of the merger) will have a 70% stake in the new formation and CLR Capital (i.e. its total shareholders in the new share capital following completion of the merger) will have a 30% stake.
The decision is subject to the legal, accounting and tax due diligence usual for this type of transaction, with the results being considered satisfactory by the parties, and to agreement concerning the terms of the draft merger contract.
At the same time it is anticipated that merger of the securities companies of the two Groups, namely Laiki Brokerage EPEY Ltd, CLR Securities & Financial Services Ltd and Egnatia Financial Services (Cyprus) will take effect.
It is envisaged that the new formation resulting from the above company changes will be the largest investment services provider in Cyprus."