CPB in Purchase Agreement with Expobank Cz A.S. to sell its participation in Marfin Bank A.D.

Cyprus Popular Bank Public Co Ltd (“CPB”) entered on September 30th, 2016 into a Share Purchase Agreement with Expobank Cz A.S. to sell its participation in Marfin Bank A.D. Beograd (“MBS”), representing 99.09% of the bank’s fully paid share capital and 72.50% of the banks preferred shares.

Chris Pavlou, Special Administrator of CPB, said, according to a press release, that after ten years of presence in Serbia, CPB divests from MBS “following a transparent international tender process with the participation of four international investors”.

“This underscores our mission and commitment to maximize the benefit of CPB’s creditors. I am also pleased that the bank’s new owner, Expobank C? A.S., has informed me that it has long-term plans to develop MBS”, Pavlou said.

Investment Bank of Greece S.A. (IBG) is acting as financial advisor to CPB.

Source: Cyprus News Agency