Vardinogiannis Group has concluded the process of increasing the social capital of Marfin Bank by EUR 30 million, with the aim of supporting the bank’s growth on the local market.
At the same time, the bank has fully paid back the loan subordinated to the Bank of Cyprus, following the go-ahead granted by the National Bank of Romania.
“We believe in the local market’s potential and we are determined to develop our presence in Romania in a sustainable manner, in order to best service our existing and potential customers, while bringing our contribution to the development of the local economy. Increasing Marfin Bank’s share capital proves and reiterates Vardinogiannis Group’s long term investment strategy in Romania“, stated Georgios Taniskidis, representative of Vardinogiannis Group.
Vardinogiannis Group finalized the acquisition of Marfin Bank, after receiving approval from the National Bank of Romania in July this year.
Part of its investment strategy in Romania, the Vardinogiannnis Group has already acquired Marfin Leasing, and thus further consolidates its presence on the Romanian financial market.
The Group operates in several industries, such as energy (refineries, gas station chains, natural gas and electricity), shipping and media.
“Vardinogiannis Group has strong financial power and extensive international business expertise. We believe in the local market’s potential, and we are determined to develop our presence in a sustainable manner in the years to come and generate added value to the local business community”, Georgios Taniskidis said back in July.
With a tradition of over 20 years on the Romanian financial mark, Marfin Bank has 30 branches and a total asset volume of approximately RON 2 billion. In 2017, the bank registered a net profit of RON 5.7 million.