Marfin buys Ukrainian bank for $137m

CYPRUS’ MARFIN Popular Bank agreed to pay $137.4 million to buy a 99 per cent stake in small Ukrainian lender Marine Transport Bank (MTB), the lender said in a filing to the Athens bourse yesterday.

Marfin will also purchase three of MTB’s leasing units for a total of $700,000 according to the agreement, the company said.

MTB’s share capital and reserves were valued at $34.1 million at the end of September 2006, while it holds deposits of $156.2 million and a loan portfolio of $148.3 million, Marfin said.

The Odessa, Ukraine-based MTB has a total of 86 outlets, it said. The agreement between Marfin and MTB is subject to approval by Cypriot and Ukraine regulators, the statement said
Marfin, which recently bought an 8 percent stake in rival Bank of Cyprus from Greek lender Piraeus Bank , said earlier this month it would buy an Ukrainian lender as part of its strategy to expand in the Southeastern Europe.

At 0742 GMT, Marfin shares were gaining 2.05 percent at 7.96 euros, outperforming the general Athens bourse index, which was 0.26 percent up. (R)

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