IRF.L Regulatory News (IRF)

29 Jan 2007 17:16

IRF European Fin Investments Ltd 29 January 2007 IRF European Finance Investments Ltd 29 January 2007 IRF European Finance Investments Ltd. ('IRF' or the 'Company') IRF Acquires a Minority Position in Marfin Popular Bank And Resignation of Director IRF is pleased to announce that today it completed the acquisition in the openmarket of approximately 7,734,403 million shares in Marfin Popular Bank, acommercial banking group listed on the Athens Exchange, for approximately €65million in cash. This acquisition was funded through the utilisation of IRF'scash balances. The shares acquired represent approximately 1% of Marfin PopularBank's outstanding shares as of December 31, 2006. IRF's current intention isto retain this minority stake as an investment. Marfin Popular Bank is the result of a merger between Marfin Financial Group,Egnatia and Cyprus Popular Bank which occurred in the last quarter of 2006 andas a result is a significant bank in both Greece and Cyprus, with diversifiedbanking interests in the retail, commercial and investment banking sectors.Currently, Marfin Popular Bank has a market capitalisation of approximately €6.5billion. IRF also announces that in connection with this acquisition in Marfin PopularBank, Dennis Malamatinas has announced his resignation from the Board of IRF,effective as of today. Mr. Malamatinas is also a board member of MarfinFinancial Group, an affiliate of Marfin Popular Bank. "This acquisition allows IRF to enjoy the continued consolidation within theGreek banking market" said Angeliki Frangou, Chairman of IRF. Ms. Frangou added"we will miss Mr. Malamtinas' valuable contributions to IRF, but understand hisretirement from the board given our acquisition of an interest in Marfin PopularBank." About IRF IRF was formed to invest in the financial services industry throughout Europewith a primary focus on credit institutions and insurance companies in SouthEastern Europe. IRF's current strategy is the acquisition of financialinstitutions having valuations which do not reflect their potential and wheremarketing and operational efficiencies are possible. IRF owns a 20.16 per cent.interest in Proton Bank S.A.. About Proton Bank Proton Bank is a full service financial services institution, including retailand investment banking as well the provision of specialised corporate advisoryand investment services. Proton Bank is listed on the Athens Stock Exchange. This information is provided by RNS The company news service from the London Stock Exchange