ECONOMY

Cash boost of 1.15 bln for Marfin Popular

Marfin Popular Bank announced yesterday its intention to follow the example of National, Geniki and Piraeus banks and increase its share capital by 488 million euros, while issuing convertible bonds to select investors to the amount of 660 million euros. The bank’s governing board will convene toward this end on November 11, with the final decision set to be made at the shareholders’ general meeting. The bank announced it is aiming at further improving its capital structure. This total boost of its capital by 1.148 billion euros exceeds that of Piraeus Bank announced on Friday, totaling 1.05 billion euros. Meanwhile, Eurobank EFG’s General Manager Fokion Karavias stated yesterday it has no plans for a capital increase through a rights issue but that it is looking for a strategic partner for its Polish unit, Polbank. ‘The bank does not see any reason for a capital increase,’ Karavias told Reuters.