28 Feb 2007 16:20
IRF European Fin Investments Ltd 28 February 2007 IRF European Finance Investments Ltd 28 February 2007 IRF European Finance Investments Ltd. ('IRF' or the 'Company') IRF Acquires a further minority stake in Marfin Popular Bank IRF is pleased to announce that yesterday it completed the acquisition in theopen market of approximately 1.05 million shares in Marfin Popular Bank, acommercial banking group listed on the Athens Exchange, for approximately €8.5million in cash. This acquisition was funded through a credit facility arranged with a commercialbank. These shares, when aggregated with IRF's existing interest in MarfinPopular Bank, represent approximately 1.6% of Marfin Popular Bank's outstandingshares as of 31 December 2006. IRF's current intention is to acquire sharesopportunistically in the market and to retain the minority stake as aninvestment. 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. 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