The merger of Marfin Financial Group, Laiki Group and Egnatia Bank is a landmark deal that has positioned Marfin Popular Bank (MPB) as the most significant player in Cyprus. Last year’s figures reflect the strength of the deal and give a good 17% RoE to shareholders.
MPB’s growth ambitions extend to Greece and reach as far as the developing countries of south eastern Europe and some Middle Eastern markets.
“The developments in 2006 marked the beginning of a new era for the Marfin Laiki Group,” says deputy chief executive Panayiotis Kounnis. “The triple merger between Marfin Bank, Egnatia Bank and Laiki Bank transformed our group into a financial organisation of international dimensions with Cyprus as its base. Our vision is to become one of the leading financial institutions in south-east Europe and deliver strong shareholder value creation.
“For the past year, our efforts were mainly focused on improving our positioning in the domestic markets, entering new markets in south-east Europe, expanding our international operations, improving our productivity and leveraging on the group’s strong investment banking and wealth management capabilities.
“Marfin Laiki has exhibited a robust growth story in 2007 and we are very optimistic for the future. Awards like this justify our excellent performance and underline our drive for excellence.”
