Marfin Popular sells 85pct stake in Laiki Australia

MARFIN Popular Bank (MPB) is to sell an 85 per cent stake in its Australian unit Laiki Bank to Bank of Beirut for €104 million.

MPB, which also operates in Greece, said yesterday the deal was in line with a strategy to focus on southeast Europe.

The sale should generate a profit of about €53 million. MPB has an option to sell its remaining stake in February 2013.

Completion of the deal was subject to approval by the central bank of Lebanon after approvals from the central bank of Cyprus and the Australian Prudential Regulatory Authority.

MPB said the sale was priced at about 1.67 times the book value of Laiki Bank as of end-September.

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