Monday March 2, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Piraeus Bank to get 17.7 pct stake in Marfin

By Yiannis Papadoyiannis

Piraeus Bank and Marfin Investment Group announced on Wednesday a 250-million-euro strategic cooperation agreement that will considerably lighten the financial burden on MIG, allowing it to move ahead with its business planning with greater flexibility and efficiency. It will also make Piraeus MIGs biggest stakeholder with a 17.7 percent holding.

Analysts say the deal between the two groups could mark the first major step in the ongoing process of change in the structure of local business, as both groups have holdings in sectors such as food, health, coastal shipping and information technology, among others.

Sources from Piraeus said that the easing of MIGs financial burden will also reduce the pressure on a number of significant enterprises that MIG participates in, additionally securing the interests of the bank as the investment groups main creditor.

As the Piraeus statement read, with the implementation of the strategic agreement and the convertible bonds, the financial structure of MIG is considerably improved. Piraeus will acquire the unsold stock of MIGs convertible bonds that mature on July 29, 2019, which can be converted into shares at a price of 0.54 euros apiece. Piraeus has committed to converting bonds to shares for the amount of at least 90 million euros, which corresponds to a minimum stake of 17.7 percent of the Marfin share capital.

MIG announced that the intention of the two parties is to convert all of the bonds to be acquired by Piraeus Bank into shares either by itself or through their sale to institutional and strategic investors acceptable by both parties. In the case of a future sale of the MIG shares Piraeus Bank will hold, MIGs existing main shareholders will reserve preferential rights upon the indication of its governing board. The agreement does not provide for the participation of a Piraeus Group representative on the MIG board.

Our agreement with Piraeus signals a new growth course for our group, to the benefit of its shareholders and employees, and the Greek economy in general, MIG chairman Andreas Vgenopoulos stated. Piraeuss decision to support our plans, which is an honor for us, now paves new and greater ways for the group, he added.

ekathimerini.com , Wednesday May 14, 2014 (22:58)  
ECB uncomfortable with leading role in Greek funding drama
Next Greek aid deal will emerge in coming months, Moscovici says
Greek reforms could prompt bailout payment in March, says Dijsselbloem
Schaeuble urges Greece to implement reforms during extension
EU Commission: seeking unity in EU after Spain, Portugal clash with Greece
The European Commission said it was mediating between Spain, Portugal and Greece after Madrid and Lisbon complained to the EU executive about accusations by Greek left-wing Prime Minister Al...
Police arrest woman alleged to have been Xeros accomplice
Angeliki Spyropoulou, the 22-year-old woman alleged to have been the accomplice of November 17 terrorist Christodoulos Xeros while he was on the run, has been arrested police said on Monday....
Inside News
SOCCER
Super League to seek way out of impasse
The Super League governing board is convening again on Monday in a bid to overcome the tensions that keeps building up in Greek soccer despite the suspension of action on the field over the ...
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
Inside Sports
COMMENTARY
A unionist agenda
Maybe Greece will not experience a credit event, because it is in no ones interest, as Minister of State for Coordinating Government Operations Alekos Flambouraris recently assured. Maybe...
EDITORIAL
The beguiling limelight
Too much media exposure is never a good thing and there is no shortage of newcomers in politics who are beguiled by the limelight. What usually comes after this thrall of publicity is the in...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. EU Commission: seeking unity in EU after Spain, Portugal clash with Greece
2. ECB uncomfortable with leading role in Greek funding drama
3. Police arrest woman alleged to have been Xeros accomplice
4. Vatopedi Monastery land swap trial adjourned until March 23
5. Three arrested over Xeros, Conspiracy of the Cells of Fire links
6. Trial for Vatopedi Monastery land swap to begin
more news
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. Greek reforms could prompt bailout payment in March, says Dijsselbloem
3. Schaeuble urges Greece to implement reforms during extension
4. Next Greek aid deal will emerge in coming months, Moscovici says
5. Trial for Vatopedi Monastery land swap to begin
6. Three arrested over Xeros, Conspiracy of the Cells of Fire links
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. A fierce battle looms
3. The ignorance of the West about the culture of Islam
4. Spain said to lead push to hold Greece to terms as Podemos grows
5. SYRIZA feeling the pain
6. The unlikely winners of Greece's surrender on euro
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.