"MARFIN POPULAR BANK PUBLIC CO LTD" announces that it?s Board of Directors, in the context of the securitisation of claims from Bond loans and other business loans of its subsidiary "MARFIN EGNATIA BANK S.A." (through the Special Purpose Company "Synergatis Plc.", residing in the United Kingdom) with a total size of Euro 2.3 billion, and expected duration of about 2.5 years from issue date, in accordance with the provisions of the Greek legislation, approved the granting of guarantees in favour of "MARFIN EGNATIA BANK S.A." for any claims of Bondholders or other Lenders.
In order to better inform the investing public, please find below the relevant announcement of "MARFIN EGNATIA BANK S.A.":
"20.8.2009
MARFIN EGNATIA BANK S.A.
Announcement
Securitisation of claims
"MARFIN EGNATIA BANK S.A." (hereafter "the Bank") announces that it has successfully completed the securitisation of its claims from Bonds and other business loans with a total size of Euro 2.3 billion and expected duration of about 2.5 years from issue date, in accordance with applicable legislation.
The issuance of the securitised notes was carried out by the London based special purpose company under the name of "Synergatis Plc."
61.5% of the securitised portfolio, or approximately Euro 1.4 billion, was rated "Aaa" by Moody?s.
Securities with an "Aaa" rating are acceptable for refunding by the ECB.
With the above issue, the already significant liquidity of the Bank is strengthened further.
The Bank will assume the role of Joint Arranger in the securitisation, along with the investment banks BNP Paribas (London Branch) and Morgan Stanley & Co. International plc."