ECONOMY

MPB agreement…

Archbishop of Cyprus Chrysostomos (right) receives Marfin Popular Bank’s (MPB) Chief Executive Officer Saud Ba’alawy in Nicosia yesterday. Separately, MPB announced an agreement to acquire a 64.3 percent controlling stake in Nicosia’s Cyprus Hilton Hotel for 33.85 million Cyprus pounds (58.56 million euros). MPB informed the Cyprus Stock Exchange that it had reached an agreement with Cypriot hotel and cruise operator Louis, the hotel’s owner, and with the Clin Company, the major shareholder in Louis. Louis said the sale of the 298-room, five-star hotel was a ‘first step’ in its cooperation with Marfin in the southeastern Mediterranean, as it will retain a 20 percent stake in the hotel.