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According to a shareholders' agreement, between Dubai Financial and Andreas Vgenopoulos, Vice-Chairman of MARFIN, Vgenopoulos will retain his 6.75 per cent stake in MARFIN and will continue to oversee the company's business plan, management structure, incentives and employment policies.
With the agreement of 15 selling shareholders, Dubai Financial has paid 25 Euros per share for its stake in MARFIN.
Soud Ba'alawy, DIG CEO, said:
"I am pleased that the acquisition of the 31.5 per cent stake in MARFIN has been completed in a spirit of good faith and cooperation with the management of the group. We have major plans to extend the European and global reach of MARFIN which enjoys excellent fundamentals."
"As a shareholder of MARFIN, Dubai Financial will add synergy and value to the Group and I am confident that our partnership with Andreas Vgenopoulos will help MARFIN become a major force in the financial world. I am also pleased that this expansion will be centred in Greece, which has a favourable infrastructure for investments".
MARFIN is listed in the Athens Stock Exchange with a market capitalization of approximately €1.4 billion. Through a series of strategic acquisitions, it has today controlling stakes in a number of banks in Greece and internationally under an announced plan to proceed with a major consolidation.
Dubai Financial has a strategic interest in investing in the financial sector, which is seeing record growth rates both regionally and globally.
Dubai Financial's portfolio includes Thomas Cook India Limited (TCIL), as well as a 68% stake in Dubai Bank. It is looking at financial sector opportunities in several countries such Turkey, Malaysia and Indonesia.
Posted by Lara Lynn Golden, News Editor
