Cyprus Bank to Sell Shares in Local Subsidiary to Ukrainian Firm
The Cyprus bank Marfin is selling its stake in its Estonian subsidiary for 6.6 million euros to the Ukrainian company Ukrselhosprom.
Marfin Popular Bank, which currently controls 70.5 percent of Marfin Pank Eesti AS, said yesterday that the deal would be completed by February, reported Cyprus Mail.
The Cypriot bank, reportedly the heaviest exposed to Greek debt among the country's commercial banks, needs to come up with 1.9 billion euros in additional capital by this summer to meet new regulator requirements.
The head of the Estonian subsidiary, Riho Rasmann, told uudised.err.ee that if the deal goes through, the bank will most likely continue to run its current operations, only under a new name.
"Of course, I am not yet familiar with the plans of the new owners. But that is all still in the relatively distant future. The deal must first be confirmed by the Financial Supervision Authority, as well as the central banks of Cyprus and Ukraine," said Rasmann.
Ott Tammik