Marfin Injects 10 Mio EUR In Romanian Subsidiary

Marfin Egnatia Bank has increased the share capital of its Romanian subsidiary by 42.05 million RON to 170.75 million RON, according to official documents of the bank. Specifically, Marfin Egnatia Bank injected 10 million EUR converted into RON at an exchange rate of 4.2051 RON/EUR and issued 420.5 million new shares with a face value of 0.1 RON.

Following the capital injection Marfin Egnatia Bank - Romania has a share capital of 170.75 million RON, comprising 6.56 million RON, 19.2 million USD (equivalent to 35.45 million RON) and 33.5 million EUR (equivalent to 128.74 million RON). The EUR-denominated part was built up gradually, at different exchange rates.

Five of the shareholders in Marfin Egnatia Bank - Vassilios Theocharakis, Alexandros Bakatselos, Kiriakos Mamidakis, Vassilios Flouris and Despina Theocharakis - decided not to participate in the capital injection, which was intended to be proportional to the shareholders" existing stakes.

"According to the articles of incorporation of Marfin Bank, if a shareholder opts not to participate in the proposed capital increase proportionally to their share in the capital, the other shareholders have the right to subscribe and pay up, wholly or partly, the additional shares that would have otherwise been subscribed and paid up by the non-participating shareholders," the aforementioned documents indicate.

After the capital increase, Marfin Egnatia Bank holds 99.23 per cent in the Romanian subsidiary, while Vassilios Theocharakis, Alexandros Bakatselos, Kiriakos Mamidakis, Vassilios Flouris and Despina Theocharakis each hold between 0.045 per cent and 0.34 per cent.