Marfin PB confirms will make public offer for Bank of Piraeus and Bank of Cyprus

Marfin PB confirms will make public offer for Bank of Piraeus and Bank of Cyprus

	Published : Fri, 12 Jan 2007 09:12 By : Agencies Print this Story

ATHENS (AFX) - Greece's Marfin Popular Bank in a filing to the Athens Stock Exchange said that it will be making a public offer today for Bank of Piraeus and Bank of Cyprus, confirming what sources had earlier told Euro2day Newswire.

Marfin said that its public offers are aimed at creating the largest bank in the Greek-Cypriot market and a sizeable European player.

Marfin Popular Bank was scathing about Bank of Piraeus's purported announcement of its own intention to launch a public offer for Marfin Popular Bank.

Marfin said: 'we regret to announce that Piraeus Bank, using confidential information provided to its CEO Mihalis Sallas as a gesture of good will and in accordance with market's ethics, proceeded immediately thereafter to issue an announcement last night of an alleged 'public tender offer' for the acquisition of Marfin Popular Bank.'

'Such announcement, contrary to market regulations and best practices, was issued without having previously informed nor obtained the necessary approvals by the relevant regulatory authorities, Marfin added.

Separately, the Athens Stock Exchange said its will temporarily suspend trading today in Marfin Popular Bank, Marfin Financial Group, Egnatia Bank, Bank of Piraeus and Bank of Cyprus, in the interest of protecting investors and in coordination with the Greek Capital Markets Commission.

This decision is because late yesterday Bank of Piraeus announced it will make a public offer for Marfin Popular Bank, and this morning Marfin confirmed it will be making a public offer for Bank of Piraeus and Bank of Cyprus and that legal proceedings for this are at an advanced stage, the exchange said.

Source: Euro2day.gr NewsWire

skrekas@euro2day.gr

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