ECONOMY

Marfin reviews its buyout options

Greece’s largest buyout fund Marfin Investment Group (MIG) said yesterday it is no longer interested in upping its stake in Marfin Popular Bank (MPB), as changing market conditions bring to the fore different buyout opportunities. MIG had previously informed Cyprus’s central bank that it was interested in upping its stake in MPB by up to 30 percent by acquiring its shares on the market. «This (change in) decision has been made due to recent market conditions. MIG has a broader number of choices to take advantage of its large liquidity and capital adequacy,» it said in a statement. MIG, whose major shareholder is the Dubai Financial Group, has said it is going ahead with a 5-billion-euro increase in share capital in a bid to take advantage of opportunities in Greece and Southeast Europe, mainly in the banking sector. «It is MIG’s intention, at least in the foreseeable future, to implement its strategy in the banking sector in cooperation with governments from different countries or by participating in share capital hikes, if and when that is needed,» the bank added. Shares in MIG soared on the Athens bourse yesterday, adding just over 7 percent to end at 2.59 euros, while the broader Greek market retreated 0.23 percent.