The Vardinogiannis Group has announced the finalization of the acquisition of Marfin Bank – Finance & Banking

The Vardinogiannis Group announced Thursday the finalization of the acquisition of Marfin Bank, following the receipt of a favorable opinion of the National Bank of Romania (BNR). The group operates in several industries, such as energy (refineries, gasoline, gas and electricity), shipping and the media. Marfin has been the subject of several buyout attempts, the most recent being the Bank of Beirut, which won the Cyprus auction for the acquisition of Marfin Bank Romania but did not receive the opinion of the NBR.

Marfin Bank Romania is also interested in other investors, including Banca Transilvania, US investment fund JC Flowers or US billionaire Wilbur Ross, one of Eurobank's shareholders ( main shareholder of Bancpost)

Marfin Bank Romania has been on sale for about two years as part of a process of restructuring the banking investments of Cypriot groups abroad. The Cypriot banking system has been saved since bankruptcy in 2013, and Marfin Bank Romania is subject to the Cyprus Resolution Authority.

"The Vardinogiannis Group is financially strong and has great expertise in international affairs.We believe in the potential of the local market and we are determined to sustainably strengthen our presence in Romania and create added value for the local economic environment, "said Georgios Taniskidis, representative of the Vardinogiannis group in Romania

. branches and a volume of assets of nearly 2 billion ROL. In 2017, the bank posted a net profit of 5.7 million lei.

The Vardinogiannis Group is one of the strongest and best capitalized business conglomerates of Europe with international activities in many sectors, such as energy (refineries, gasoline, gas and electricity), the merchant marine and the media [19659005] The Vardinogiannis group is the majority shareholder of Motor Oil Hellas Corinth Refineries, listed on the Athens Stock Exchange, with a market capitalization of 2, 1 billion euros.
Motor Oil has one of the most advanced refineries in Europe with a history for more than 45 years. In 2017, Motor Oil recorded a total business turnover of 7.8 billion euros, EBITDA EBITDA setting at 620 million euros. and after tax profit to 314 million euros.