ECONOMY

Marfin boosts presence in Russia

Marfin Popular Bank (MPB) plans to more than double its holding in Russian subsidiary Rosprombank to almost 100 percent for 51.6 million euros as part of efforts to boost its presence in emerging markets.

Cyprus-based MPB said in a statement on Thursday that it has entered an agreement to acquire the remaining 49.96 percent in Russian subsidiary OJSC RPB-Holding, the parent company of Rosprombank.

?The transaction is a key milestone towards MPB?s strategic objective of further enhancing the integration of international operations and maximising operational efficiencies,? it said.

?Furthermore, it is aligned to the group?s strategy of strengthening its presence on the ground in key emerging European markets.?

The deal is expected to be completed in the second half of 2011 and is subject to regulatory approvals from authorities in Cyprus and Russia.

MPB is also present in Romania, Serbia, Malta, Estonia and Ukraine.