The Boards of Directors of Marfin Popular Bank and Marfin Egnatia Bank convened today and decided the merger of the two banks. Marfin Popular Bank will be the absorbing entity in order for the bank's legal seat to remain in Cyprus.
Marfin Popular Bank's management believes that the reactions which followed its initial decision have revealed the need for constructive dialogue for the enhancement of the institutional and regulatory framework of the Cypriot financial services system as well as the abolition of dysfunctions which act as barriers to entrepreneurship and the attraction of international investments in Cyprus.
In light of the current challenging economic environment, Marfin Popular Bank wishes to enter into this fundamental dialogue and lay its arguments having already settled the outstanding matter of its legal seat. This way, its arguments cannot be weakened or viewed under the prism of alleged own interests or the exertion of pressure to secure special privileges.
The Executive Vice-Chairman of Marfin Popular Bank Mr. Andreas Vgenopoulos made the following statement:
"The unfavourable developments for the Cypriot economy commanded the need to protect the best interests of the Country and its Society. Our decision was significantly influenced by the pleas of the people of Cyprus and of the vast majority of the Cypriot business community and political establishment. We ought to thank especially the Parliamentary Committee on Institutions, Merit and the Commissioner for Administration (Ombudsman) as well as all of those who treated our concerns sensibly and encouraged us to stay in Cyprus in order to contribute towards the creation of a better institutional and economic environment."