CYPRUS POPULAR BANK PUBLIC CO LTD
Announcement of Marfin Egnatia Bank S.A. regarding a question by Hellenic Capital Market Commission
For the purpose of complete briefing of the investors, follows an announcement of Marfin Egnatia Bank S.A., dated 19/05/2009
MARFIN EGNATIA BANK S.A.
Following an enquiry from the Hellenic Capital Market Commission, "MARFIN ΕGΝΑΤΙΑ BANK S.A." ("ΜΕΒ") announces the following:
The Boards of Directors of MEB and of "MARFIN POPULAR BANK PUBLIC CO LTD" decided at their meetings on 15.5.2009 to commence the process of merging the two Banks, with the transformation date being 30/6/2009. The ratio of exchange of the shares of the merging companies will be calculated at a time subsequent to the transformation date on the basis of the merging companies' Financial Statements of 30.6.2009 and consequently after the publication of such Financial Statements. Under the current legislation, the Boards of Directors of the merging companies will decide the ratio of exchange within the context of the approval of the Common Cross-Border Merger Plan, whilst an Independent Experts' Report will be drawn up in this respect, which will refer to the suitability of the methods that will be employed and to the fairness and reasonableness of the exchange ratios. The ratio of exchange is subject to the approval of the General Meetings of the Shareholders of the merging Banks in the context of the approval of whole process.
How long the merger process will take to complete depends, inter alia, on the time it takes for the necessary approvals to be obtained by the competent regulatory Authorities in Greece and Cyprus, but it is reckoned that it will be about 7 months from the transformation date.
MARFIN EGNATIA BANK S.A.
Following an enquiry from the Hellenic Capital Market Commission, "MARFIN ΕGΝΑΤΙΑ BANK S.A." ("ΜΕΒ") announces the following:
The Boards of Directors of MEB and of "MARFIN POPULAR BANK PUBLIC CO LTD" decided at their meetings on 15.5.2009 to commence the process of merging the two Banks, with the transformation date being 30/6/2009. The ratio of exchange of the shares of the merging companies will be calculated at a time subsequent to the transformation date on the basis of the merging companies' Financial Statements of 30.6.2009 and consequently after the publication of such Financial Statements. Under the current legislation, the Boards of Directors of the merging companies will decide the ratio of exchange within the context of the approval of the Common Cross-Border Merger Plan, whilst an Independent Experts' Report will be drawn up in this respect, which will refer to the suitability of the methods that will be employed and to the fairness and reasonableness of the exchange ratios. The ratio of exchange is subject to the approval of the General Meetings of the Shareholders of the merging Banks in the context of the approval of whole process.
How long the merger process will take to complete depends, inter alia, on the time it takes for the necessary approvals to be obtained by the competent regulatory Authorities in Greece and Cyprus, but it is reckoned that it will be about 7 months from the transformation date.