Marfin Popular Bank
Encyclopedia
Marfin Popular Bank is the second largest bank
ing group in Cyprus
behind the Bank of Cyprus
. Trading on the island as Laiki Bank (Laiki being the Greek word for popular), it currently holds a 15% share of the market in loans and a 19% share of deposits. Its shares are listed on the Cyprus Stock Exchange
and the Athens Stock Exchange
. MPB now has a network of in excess of 478 branches in Cyprus, Greece (where its subsidiary Marfin Egnatia Bank operates), Russia, Ukraine, Romania, Serbia, the UK, Malta and Estonia. The Bank has applied to open a representative office in Beijing, Peoples Republic of China.
In 2007, the bank announced a multi-million financial deal to sponsor the football First Division in Cyprus until 2010.
In 2010 they launched a new mobile banking and mobile trading service. In the same year the company was selected to as the bank of the year in Cyprus by the Banker.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing group in Cyprus
Cyprus
Cyprus , officially the Republic of Cyprus , is a Eurasian island country, member of the European Union, in the Eastern Mediterranean, east of Greece, south of Turkey, west of Syria and north of Egypt. It is the third largest island in the Mediterranean Sea.The earliest known human activity on the...
behind the Bank of Cyprus
Bank of Cyprus
Bank of Cyprus is a major Cypriot financial institution. In terms of market capitalisation it is the country's second largest company.As of December 31, 2005, the Group's Total Assets reached C£13,22bn and the Group's Shareholders' Funds were C£818mn . At 30 September 2008, the Group's Total...
. Trading on the island as Laiki Bank (Laiki being the Greek word for popular), it currently holds a 15% share of the market in loans and a 19% share of deposits. Its shares are listed on the Cyprus Stock Exchange
Cyprus Stock Exchange
The Cyprus Stock Exchange or CSE is a stock exchange located in Nicosia, Cyprus. It was established under the Cyprus Securities and Stock Exchange Law which provides for the development of the securities market in Cyprus and for the establishment and operation of the Cyprus Stock Exchange, and was...
and the Athens Stock Exchange
Athens Stock Exchange
The Athens Stock Exchange or ASE or ATHEX is a stock exchange located in Athens, Greece.-History:The Athens Stock Exchange started trading in 1876. The Athens Stock Exchange is a subsidiary of Hellenic Exchanges S.A., whose shares are listed in ATHEX...
. MPB now has a network of in excess of 478 branches in Cyprus, Greece (where its subsidiary Marfin Egnatia Bank operates), Russia, Ukraine, Romania, Serbia, the UK, Malta and Estonia. The Bank has applied to open a representative office in Beijing, Peoples Republic of China.
In 2007, the bank announced a multi-million financial deal to sponsor the football First Division in Cyprus until 2010.
In 2010 they launched a new mobile banking and mobile trading service. In the same year the company was selected to as the bank of the year in Cyprus by the Banker.
History
- 1901 Four leading citizens of LimassolLimassolLimassol is the second-largest city in Cyprus, with a population of 228,000 . It is the largest city in geographical size, and the biggest municipality on the island. The city is located on Akrotiri Bay, on the island's southern coast and it is the capital of Limassol District.Limassol is the...
— Agathoclis Francoudis, Ioannis Kyriakides, Christodoulos Sozos and Neoklis Ioannides — established the Popular Savings Bank of Limassol to encourage saving among the workforce. - 1924 The Popular Savings Bank of Limassol became the Popular Bank of Limassol and was the first company in Cyprus to register as a public-traded company.
- 1967 The Popular Bank of Limassol changed its name to Cyprus Popular Bank (CPB) to reflect the bank’s expansion beyond Limassol.
- 1968 CPB established its first NicosiaNicosiaNicosia from , known locally as Lefkosia , is the capital and largest city in Cyprus, as well as its main business center. Nicosia is the only divided capital in the world, with the southern and the northern portions divided by a Green Line...
branch. - 1969 CPB established its first FamagustaFamagustaFamagusta is a city on the east coast of Cyprus and is capital of the Famagusta District. It is located east of Nicosia, and possesses the deepest harbour of the island.-Name:...
branch. - 1970 CPB established its first branches in PaphosPaphosPaphos , sometimes referred to as Pafos, is a coastal city in the southwest of Cyprus and the capital of Paphos District. In antiquity, two locations were called Paphos: Old Paphos and New Paphos. The currently inhabited city is New Paphos. It lies on the Mediterranean coast, about west of the...
and LarnacaLarnacaLarnaca, is the third largest city on the southern coast of Cyprus after Nicosia and Limassol. It has a population of 72,000 and is the island's second largest commercial port and an important tourist resort...
. Midland BankMidland BankMidland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836...
became a major shareholder owning 22% of the stock. - 1971 CPB moved its head office from Limassol to Nicosia.
- 1974 CPB established its first LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
branch. - 1983 CPB acquired all the Cyprus operations of Grindlays BankGrindlays BankThe Grindlays Bank was a major British overseas bank established in 1828.It operated mainly in British colonies, especially British India. After decolonization, it was a major foreign bank in India, Pakistan and other West Asian countries. As ANZ Grindlays Bank, it was for a while the largest...
located in the area under government control. - 1992 CPB opened the first branch of European Popular Bank in AthensAthensAthens , is the capital and largest city of Greece. Athens dominates the Attica region and is one of the world's oldest cities, as its recorded history spans around 3,400 years. Classical Athens was a powerful city-state...
. CPB owned 58% of the shares of the bank; other shareholders included HSBCHSBCHSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
(formerly Midland Bank) and Greek and Cypriot investors. CPB retained branches in HeraklionHeraklionHeraklion, or Heraclion is the largest city and the administrative capital of the island of Crete, Greece. It is the 4th largest city in Greece....
and ThessalonikiThessalonikiThessaloniki , historically also known as Thessalonica, Salonika or Salonica, is the second-largest city in Greece and the capital of the region of Central Macedonia as well as the capital of the Decentralized Administration of Macedonia and Thrace... - 1995 CPB opened its first representative offices in South AfricaSouth AfricaThe Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
and in TorontoTorontoToronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, CanadaCanadaCanada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. - 1996 CPB opened its first representative offices in AustraliaAustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
. - 1997 CPB opened its first representative offices in SerbiaSerbiaSerbia , officially the Republic of Serbia , is a landlocked country located at the crossroads of Central and Southeast Europe, covering the southern part of the Carpathian basin and the central part of the Balkans...
and in RussiaRussiaRussia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. - 1998 CPB establishes a representative office in New York. (NY State Banking Dept says State chartered).
- 2000 The Popular Bank Group changed its name to “Laiki Group”.
- 2001 The Laiki Group established a subsidiary in Australia with five branches.
- 2005 The Group established Laiki Bank (GuernseyGuernseyGuernsey, officially the Bailiwick of Guernsey is a British Crown dependency in the English Channel off the coast of Normandy.The Bailiwick, as a governing entity, embraces not only all 10 parishes on the Island of Guernsey, but also the islands of Herm, Jethou, Burhou, and Lihou and their islet...
), and purchased Bank Centrobank in SerbiaSerbiaSerbia , officially the Republic of Serbia , is a landlocked country located at the crossroads of Central and Southeast Europe, covering the southern part of the Carpathian basin and the central part of the Balkans...
. - 2006 The Greek Marfin Financial Group acquired HSBC's shares in Laiki Bank, establishing a strong minority share position. Subsequently, the Marfin Group through more acquisitions managed to take control of Laiki Bank, which it re-brandedRebrandingRebranding is the creation of a new name, term, symbol, design, or a combination of them for an established brand with the intention of developing a differentiated position in the mind of stakeholders and competitors....
as Marfin Popular Bank. In Greece, the Marfin Group consolidated Egnatia, Laiki and Marfin to form Marfin Egnatia Bank, which is the 95%-owned Greek subsidiary of Marfin Popular Bank. - 2007 The bank announced the planned takeover of 50.12% of the share capital of AS SBM Pank, a bank in EstoniaEstoniaEstonia , officially the Republic of Estonia , is a state in the Baltic region of Northern Europe. It is bordered to the north by the Gulf of Finland, to the west by the Baltic Sea, to the south by Latvia , and to the east by Lake Peipsi and the Russian Federation . Across the Baltic Sea lies...
.
- MPB also acquired 99.2% of the shares of Marine Transport Bank UkraineUkraineUkraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
for US$156 million. This bank was founded in 1993 as Marine Trade Bank and changed its name to Marine Transport Bank in 1996. It has its headquarters in the OdessaOdessaOdessa or Odesa is the administrative center of the Odessa Oblast located in southern Ukraine. The city is a major seaport located on the northwest shore of the Black Sea and the fourth largest city in Ukraine with a population of 1,029,000 .The predecessor of Odessa, a small Tatar settlement,...
region and has 86 branches. - Lastly, MPB acquired 43% of the share capital of Lombard BankLombard BankLombard Bank Malta Plc is one of Malta's major banks, together with Bank of Valletta, HSBC Bank Malta and APS Bank. Today, Marfin Popular Bank of Cyprus is the largest shareholder with an equity stake of about 49%. Over 1,200 shareholders, including investment funds, hold the remaining shares...
Malta for €48 million from BSIBanca della Svizzera ItalianaBSI is the oldest bank in the Swiss canton of Ticino. Founded in 1873 in Lugano as the Banca della Svizzera Italiana, today BSI is an institution that specialises in asset management and related services for private and institutional clients...
of LuganoLuganoLugano is a city of inhabitants in the city proper and a total of over 145,000 people in the agglomeration/city region, in the south of Switzerland, in the Italian-speaking canton of Ticino, which borders Italy...
- 2008 Marfin Popular Bank completed its acquisition of 50.4% of the shares of CJSC RPB Holding, parent company of the Rossisysky Promishlenny Bank (Rosprombank), for €83 million. The acquisition makes Marfin the first Greek or Cypriot bank to acquire control of a bank in RussiaRussiaRussia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. - 2010 MPB sells 85% of Laiki Bank Australia to Bank of Beirut, with a new name of Beirut Hellenic Bank
- 2008 Marfin Popular Bank completed its acquisition of 50.4% of the shares of CJSC RPB Holding, parent company of the Rossisysky Promishlenny Bank (Rosprombank), for €83 million. The acquisition makes Marfin the first Greek or Cypriot bank to acquire control of a bank in Russia