Big share capital hike for MIG as it readies for deals

Marfin Investment Group (MIG) plans to move ahead with a -5 billion share capital increase, eyeing acquisition opportunities in the banking sector arising from the global financial and credit crisis. MIG’s board of directors decided yesterday to propose the share capital increase at an October 27 general assembly with new stocks being placed with a strategic investor. «MIG believes that ongoing market conditions will eventually result in a series of significant investment opportunities both in Greece and Southeastern Europe, with particular emphasis in the banking sector,» it said in a statement. The collapse of the US subprime home loan market has rattled the financial services sector around the world, dragging bank shares to historic lows. In the last year, Greek banks have lost 44 percent on the Athens bourse. Local press reports cited MIG sources as saying the company is focusing on buyout opportunities abroad.