On 25 April the
Central Bank of Cyprus (CBC – Κεντρική Τράπεζα της Κύπρου) issued a
decree authorizing Cyprus’s largest commercial bank, Bank of Cyprus Public Co.
Ltd. (Τράπεζα Κύπρου Δημόσια Εταιρία Λτδ), to sell a large part of its
Romanian operations to a Romanian commercial bank, Marfin Bank (România) S.A.,
a transaction that was carried out that same day.
As explained by
Bank of Cyprus (BOC) itself, the transfer involved “certain assets and
liabilities including most customer deposits, certain loan agreements and
related collateral and cash and other liquid assets”, while according to the
CBC the transfer encompassed “the majority of deposits of retail clients and
certain corporate deposits, cash and other liquid assets as well as loans”, and
the acquiring bank, Marfin Bank (România), stated that it “took over gross
assets of EUR 82 million, deposits of EUR 77 million, as well as all staff
related to this transaction.”
First page of the CBC decree of
25 April permitting the sale of
part of BOC’s Romania
In an ironic twist,
the acquiring bank in Romania is, according to the latest information available
(30 Sept. 2012), 99.32% owned by Cyprus Popular Bank Public Co Ltd (“Laiki Bank”),
which itself is being acquired by Bank of Cyprus in accordance with the Resolution
of Credit and Other Institutions Law of 2013 passed by the House of
Representatives on 22 March 2013 under pressure from the “Troika”. But Annex 1 of the law excludes from
acquisition by BOC those subsidiaries of Laiki Bank that are incorporated
outside of Cyprus S.A. Cyprus
The transfer,
however, does not mean the end of all of BOC’s operations in Romania Romania Romania
Bank of Cyprus Bucharest 31 December 2011 , the latest date for which
financial statements have been published, the branch had total assets (total
active) of RON 2,301,935,357 (€ 533 mln), up 54.5% from the figure at
end-2010, while deposits from clients other than banks (datorii privind
clientela) totaled RON 2,262,546,892 (€ 524 mln), up 52.1% from
end-2010. News reports published within
the last month assert that the branch’s total assets in March 2013 amounted to
approximately € 450 mln, of which € 350 mln were in loans, but that in late-March
the level of deposits began to decline, falling to a level of roughly € 90 mln,
with € 3 mln being withdrawn after the 1 April closure. As reported earlier
in this column, Bank of Cyprus as of 30
Sept. 2012 had 10 branches in Romania Romania
(Disambiguation: The term “branch” is used in English in banking circles
to refer both to 1) a representative office that a bank opens in a foreign
country, i.e., an office that has no banking license of its own but operates
under the supervision of the banking authority in its home country, and 2) a
secondary office opened either by such a foreign-based representative office or
by a locally-licensed bank. In the case
of Bank of Cyprus, in 2007 the bank opened for the first time a representative office
in Romania Nicosia , Cyprus Bucharest Romania
After Cyprus
Video: News report on transfer
deal broadcast on 26 April by Digi24
In an interview
with Mediafax published on 2 April, the director of banking supervision
for the National Bank of Romania (Banca Naţională a României – BNR), Nicolae
Cinteză, pointed out that the BNR has no supervisory authority over foreign
banks operating in Romania via a branch structure except in matters related to
mandatory minimum reserve levels and liquidity ratios. He added that deposits at Bank of Cyprus’s
Romanian branch are indeed insured to the EU level of € 100,000, but they are
insured through Cyprus Romania
During the period
that BOC’s Romanian branch was closed, the Romanian press revealed that on 17
April the Cypriot central bank had turned down acquisition offers for the
branch from two Romanian banks: Raiffeisen Bank and Banca Transilvania. Sources revealed that both banks were
offering less for the loan portfolio than what the Cypriot restructuring
committee thought it to be worth, but that these were the only two banks to
have submitted complete bids prior to the deadline on 15 April.
A possible
additional motive for the rejection of the offer from Banca Transilvania was
brought to light by the Romanian press on 17 April. Writing on HotNews.ro, journalist Dan
Popa published a leaked document – marked “STRICTLY PRIVATE AND CONFIDENTIAL” –
compiled for the CBC by the British investigative consulting firm Alvarez &
Marsal Global Forensic and Dispute Services, Llp (A&M).
A&M had been
retained by the CBC in August 2012 to examine the situation that had led to Cyprus 26 March 2013 and written in English, consists
of the first nine pages of a 42-page section from the full A&M report on
the background to the situation at BOC.
The full A&M report on BOC apparently consisted of the following:
- Statement of Protocol
- Investigation Report:
Bank of
- Investigation Report:
Bank of
- Investigation Report:
Bank of
- Investigation Report:
Bank of
The chapter in
question deals with a complicated episode that occurred in 2009 in which BOC
attempted – in complete secrecy – to acquire up to a 20% stake in Banca
Transilvania (BT), and ended up with a 9.7% stake. This stock-purchase attempt by BOC led the Cluj-Napoca
The A&M report
includes the following:
2.3
Alleged Market Manipulation
2.3.1 In
making its investment in BT, the Bank sought to do so through various
structures that disguised the true beneficial ownership of the shares (see
Section 4 below), a possible consequence of which was to limit the impact on
the share price, as the market was not aware of the Bank's interest in
purchasing a significant shareholding in BT. The structures used by the bank to
obfuscate the true ownership included:
2.3.1.1
Reaching an agreement with one of the founding shareholders to purchase BT
shares in the market knowing that he had a guaranteed purchaser (i.e. BOC) at
an already agreed premium;
2.3.1.2
Providing a bank loan to a BOC employee as a proxy who was used to purchase
shares in the market on behalf of the Bank; and
2.3.1.3
Providing loans on favourable terms to companies beneficially owned by the
founding shareholders of BT in return for agreements to sell their
shareholdings in BT at a later date.
2.3.2
BOC's original intention was to acquire a 10% stake in BT, which would be
further increased to 20% during 2010. However, following BOC's initial
acquisition of 9.7% of BT, an investigation into market manipulation and insider
trading was instigated by DIICOT, the Romanian Directorate for Investigating
Organised Crime and Terrorism. The investigation named, amongst others, two
founders of BT and two BOC Romania employees.
2.3.3
There is an on-going criminal case in Romania Romania
2.3.4
The criminal aspects of market manipulation vary between different
jurisdictions and the merits of any criminal case are a matter for legal
opinion. However, JP Morgan stated in an e-mail dated 30 June 2009, that they
were concerned that the proposed structure for the acquisition of BT shares as
proposed in the Draft Non-Paper was potentially not compliant with the spirit
Romanian regulations (see paragraph 4.4.11 below).
2.3.5
Despite this advice from JP Morgan, BOC continued with its plans to purchase
shares in Banca Transilvania through various mechanisms apparently designed to
conceal BOC being the ultimate beneficial owner of the shares acquired, until
such time as ail of the transactions were completed with BOC owning just under
10% of the share capital and BOC having in place agreements to secure a 20%
shareholding (subject to approval from National Bank of Romania).
2.3.6 It is
noted that in relation to the case against its employees in Romania Romania
2.3.7 As set
out above, whether or not the agreements reached between BOC and the founding
shareholders and their consequent execution to acquire BT shares constitutes
market abuse, is a legal matter. However, we have concerns surrounding the
manner in which BOC secured the 9.7% shareholding and these concerns may
require further investigation and/or review by the relevant authorities. The
areas of concern are:
2.3.7.1
Facilitating one of the founding shareholders, Mr Silaghi, to buy up a 3% stake
in BT, for onward sale to BOC at a pre agreed premium to the market price, thereby
enabling Mr Silaghi to profit from information not publicly available (i.e. the
precise number of BT shares BOC was intending to purchase, and the price for
which they were intending to acquire the shares);
2.3.7.2
Entering into an Agreement with Mr Ciorcila whereby Non Performing Loans held
by companies under his beneficial ownership were restructured on favourable
terms, in exchange for Mr Ciorcila i) agreeing to sell approximately 5% of BT
shares under his beneficial ownership to BOC at a pre agreed premium to the
market price; ii) agreeing to ensure that BT would undertake a rights issue
during 2010 and that BOC would be guaranteed a certain percentage of
unsubscribed shares so as to facilitate an increase in BOCs stake to c20%; and
iii) signing an exclusivity agreement whereby neither Mr Ciorcila, nor Mr
Silaghi, could sell any shares under their beneficial ownership to any party
other than BOC until 30 June 2010 (see Section 3 below);
2.3.7.3
On 7 December 2009, via the various mechanisms employed to purchase shares, BOC
was the beneficial owner of 9.1% of BT (see Section 7); however, only on 8
December 2009 did BOC approach the Romanian regulator to notify their intent to
purchase more than 5% of BT, and only on 16 December 2009 was an announcement
made of a significant investment, when such a disclosure was required to be
made within 3 days of the acquisition per Romanian National Securities
Commission ("CNVM")185 resolution 1/2006 (see Section 7).
2.3.7.4
The sequence of events leading up to the purchase of BT shares by BOC, and the
nature of the agreements reached between BOC and the founding shareholders,
were not disclosed to the Romanian
Court
The leaked file
published by journalist Dan Popa contains scanned images of a fax of the first
nine pages of the chapter of the A&M report that deals with the BOC-BT
transaction. The images are of a two-hole-punched
original, slightly tilted in a counterclockwise direction. This would seem to be based on an original
copy of the A&M report, as another section of the report – the initial
section consisting of a “Statement of Protocol” (the scope of work for A&M)
– was published on 4 April by the Cypriot website “SigmaLive”, and it too
consists of scanned images of a two-hole-punched original, although in this
case without any consistent rotation or fax header. The rest of the report can be filled in from a
file published on 17 April on the Cypriot website DefteriAnayNosI.com. This 108-page PDF text file would appear to
be generated by OCR from a scan of the entire A&M report.
In the 108-page
text file contains the entire chapter dedicated to the BOC - Banca Transilvania
share transactions. The chapter concludes
as follows:
10. Recommendations for further investigation
10.1.1
It appears from the Investigation that BOC sought to acquire an interest in BT
through various structures that were intended to initially disguise the true
beneficial ownership of the shares.
10.1.2
Based on suspicions of market manipulation the Romanian authorities instigated
a criminal investigation, which included the General Manager of BOC Romania as
one of the defendants. As part of this legal case Mr Karydas, as Group General
Manager Risk Management and Markets at BOC, provided evidence to the Romanian
court which contradicts some of the documentary evidence found during the
investigation.
10.1.3 Based on the findings of the Investigation, legal advice should
be sought to establish whether the alleged market manipulation in Romania
Although Horia Ciorcila,
CEO and 5% shareholder of BT, was acquitted of charges in July 2011 by the Bucharest Court
If BT were to
acquire BOC Romania, then there might be a danger of some of this incriminating
evidence being eliminated before Romanian or Cypriot prosecutors would have an
opportunity to examine it. This might be
one additional reason – aside from the low offering price for the BOC Romania
loan portfolio – for CBC to have rejected BT’s bid to acquire BOC Romania.
In fact the danger
of e-mail deletion on the part of BOC is not entirely hypothetical. In the Statement of Protocol that begins its
report, A&M writes the following:
3.2 Deletion of data
3.2.1
On 21 August 2012, the CBC issued a letter to each of CPB and BOC advising that
an Investigation had commenced and that all books, records and documents,
physical and electronic, were to be preserved and that all routine document
destruction and deletion was to be suspended. On 24 August 2012 , the CBC transmitted a similar letter to the employees of the CBC.
Copies of each of these letters are attached hereto (Exhibit 2).
3.2.2
The e-mail data provided by the BOC to the Investigation team appears to be
incomplete, with certain key custodians having little or no e-mail data during
the period of 2009 and 2010. It was only possible in limited instances to
determine the reasons for gaps in the electronic data collected. Potential
explanations include deliberate deletion of data, poor archiving or inadequate
data management by certain individuals. Furthermore, we are unable to confirm
whether or not some or all of the absent critical data exists elsewhere.
3.2.3
The Investigation team received written approval from the CBC to obtain and
analyse forensic images of the computers of the BOC employees on 8 November 2012 . Based on an initial review of this data, our computer forensic
technologists have found that the computers of two employees, Mr Andreas
Eliades ("Mr Eliades") and Christakis Patsalides, have had wiping
software loaded which is not part of the standard software installations at the
BOC. Mass deletion of data appears to have been undertaken on the Patsalides
computer on 18
October 2012 . It appears that some
deletion was undertaken after a data preservation notice was issued to BOC by
the CBC on 21
August 2012 .
3.2.4 There are no e-mail files, mailboxes or user documents on Mr
Eliades' desktop computer. We have been unable to recover or identify any such
documents from the hard drive of this computer, which would suggest that
either:
•
the computer was not used by Mr Eliades; or
•
the hard drive was formatted and/or wiped by BOC IT after Mr Eliades left the
bank; or
• the hard drive was wiped using data removal / wiping software such as
CCIeaner installed on the desktop.
And in a later
section of the full A&M report, dealing not with BOC’s acquisition of Banca
Transilvania shares in 2009 but with BOC’s own internal governance, A&M adds this:
7.7.19 Following approval to
obtain forensic images of BOC computers, it was found that on 18 October 2012
over 28,000 files (including almost 1,300 documents148) were deleted from Dr Patsalides' desktop
using wiping software installed and executed from a portable device (e.g. a
memory stick).
It is worth noting
that “Mr. Eliades” was CEO of the entire BOC Group, and “Mr. Patsalides” was BOC’s
Senior Manager Group Treasury and Private Banking.
========
One noteworthy
finding of the A&M report is that a particular EU directive, one which
Cyprus as an EU member had duly incorporated into its own legislation,
effectively left the Central Bank of Cyprus and the Cypriot government with no means
at their disposal to block a private business decision that would result in the
effective transfer of well more than a billion euros of bank liabilities from
the Greek banking system to the Cypriot banking system.
The final part of the A&M
report on BOC is entitled “Investigation Report: Bank of Cyprus - Marfin
Popular Bank Group - Review of Cross-Border Merger”, and consists of a
14-page recapitulation and analysis of the steps that led up to the 2011 merger
of Marfin Popular Bank (“MPB”), based in Cyprus, with its subsidiary in Greece,
Marfin Egnatia Bank S.A. (MEB – Marfin Eγνατία Τράπεζα Α.Ε.). As a result of this merger, the Greek
operation ceased to be a Greece-based subsidiary and became instead a “branch”
of the parent bank in Cyprus
Just fifteen months after the
merger, on 2 July 2012 , the Cypriot
parent bank – MPB – needed to be recapitalized by means of a € 1.8 bln bailout
from the Cypriot government, making the government owner of a 84% stake in the
bank, i.e., effectively nationalizing the bank (and its liabilities). Yet even after the recapitalization the
bank’s situation continued to be poor, and on 22 March 2013 the House of
Representatives felt it necessary (under pressure from the “Troika”) to pass a
law shutting down the parent bank – now known as Cyprus Popular Bank or “Laiki
Bank” – and splitting it into a “good bank” (to be absorbed by BOC) and a “bad
bank”.
The A&M report discusses
the impact of one particular EU directive, the “Mergers Directive”:
5. Relevant Legislation and Powers
5.1 Relevant Legislation
5.1.1 External legal advice in respect of the conversion of MEB from a
subsidiary into a branch of MPB has highlighted three key areas of legislation
that are relevant in considering the requirements of the regulators and the
bank wishing to convert its subsidiary into a branch.
[...]
5.1.1.2
EU Directive 2005/56/EC on cross-border mergers of limited liability companies
(the "Mergers Directive")
[...]
5.1.2
The Mergers Directive has been integrated into Cypriot company law and sets out
the requirements in respect of a cross-border merger of two or more limited
liability companies within the EU. Although this is relevant to the merger of
MPB in respect of the transfer of assets and liabilities and registering and
consolidating the existence of the merged entity, it does not relate to the
transferring of a subsidiary's banking licence into a licence for the parent
company to operate a branch in another member state.
A&M states that
it was the “Mergers Directive” – perhaps aided by a lack of specific Cypriot
legislation – that kept the Central Bank of Cyprus
7. Conclusions and Recommendations
7.1.1
It is apparent from the Investigation that the CBC did not take any actions to
stop the cross- border merger which essentially transferred the liability of
the former Greek subsidiary to Cyprus
7.1.1.1
The structure of the regulation and legislation is such that under the Mergers
Directive the bank did not require any authorisation from the CBC, this
resulted in the bank being able to transfer the assets and liabilities to Cyprus
7.1.1.2
The subsequent notification of the conversion of the Greek subsidiary into a
branch of the Cypriot bank left the CBC with the option of accepting the
conversion, and therefore notifying the BOG, or forcing the bank to cease
operations in Greece Cyprus Greece
7.1.2 Based on the findings of the Investigation it would appear that
the current regulation and legislation does not provide sufficient support to
the CBC where a Cypriot bank wishes to convert an existing foreign subsidiary
into a branch. We recommend the performance of a review of the legislation and
consideration of amendments that would enable and require the CBC to consider
the impact of such transfers and what powers should be given to the CBC, or
other relevant authorities, in respect of the approval or rejection of such
transfers.
The only approval
necessary to the merger was a decision from the Nicosia District Court (Επαρχιακό
Δικαστήριο Λευκωσίας), which was duly obtained on 15 December 2010 :
3.1.11 On 15 December 2010, the District
Court of Nicosia approved the completion of the cross-border merger of MEB and
MPB, in accordance with EU Directive 2005/56, with the merger being finalised
on 31
March 2011 .
(An examination of
the text of the decision itself indicates that the requirement for court
approval was merely pro forma, as the court merely judged whether the
proposed merger was in conformity with the EU’s “Mergers Directive”, Cyprus’s
“Law on Companies”, and Greek legislation on limited liability companies.)
The report makes
clear what was at stake for Cyprus Greece
6. Consequences of the Proposed Merger
[...]
6.2 Transfer of Greek Liabilities to Cyprus
6.2.1 One of the key concerns raised in relation to the approval of the
cross-border merger was that by converting MEB from a subsidiary to a branch it
was no longer a separate legal entity from MPB and therefore all assets and
liabilities of the former subsidiary were subsumed into MPB.
6.2.2 Based on company law a subsidiary and parent are two separate
legal entities and therefore the parent company does not, unless there are
cross-guarantees in place, have the obligation to recapitalise a subsidiary based
in another member state.
6.2.3 A branch, as distinct from a subsidiary, is inseparable from the
parent and therefore any losses or financial commitments of the branch are the
legal obligation of the parent.
And while A&M
does not attempt to put a precise figure on the impact of the merger on the
capitalization of Cyprus
4.13 Post finalisation of the merger, the CBC undertook a SREP review,
following which it required MPB to hold €1.56 billion of additional capital
against its sovereign bond portfolio and €2.1 billion against its loan
portfolio (51% of which was concentrated in Greece
Principal sources:
CBC
decree of 25 April 2013 : “Sale of Certain
Operations of Bank of Cyprus Public Company Limited Sucursala Romania Decree of
2013” – Greek original: Περί
της Πώλησης Ορισμένων Εργασιών στη Ρουμανία της Τράπεζας Κύπρου Δημόσιας
Εταιρείας Λτδ Διάταγμα (2013-04-25, pp. 937-941)
CBC press release – Greek: Συμφωνία
για Τράπεζα Κύπρου στη Ρουμανία (2013-04-25)
CBC press release – English: Deal reached for
Bank of Cyprus in Romania (2013-04-25)
BOC press release – Greek: Ανακοίνωση:
Δραστηριότητες Τράπεζας Κύπρου στη Ρουμανία (2013-04-25)
BOC press release – Romanian: Operatiunile
Bank of Cyprus in Romania (2013-04-26)
BOC press release – English: Bank
of Cyprus operations in Romania (2013-04-26)
BNR press release: Comunicat de presă
(2013-04-25)
Marfin Bank (România) press release – Romanian: Anunt: Marfin Bank Romania
a preluat portofoliul de credite si depozite de retail ale Bank of Cyprus
Marfin Bank press release – English: Announcement: Marfin Bank
Romania acquires the deposits and retail loans portfolio of Bank of Cyprus
BOC press release about temporary closure of Romanian
branch beginning 1 April 2013 : Ανακοίνωση:
Δραστηριότητες Τράπεζας Κύπρου στο Ηνωμένο Βασίλειο και στη Ρουμανία
(2013-04-02)
BOC Romania press release: Notice
for prolongation with one day of the suspension of operations of the Bank of
Cyprus branch in Romania (2013-04-24)
BOC Romania press release: Notice
for prolongation with two days of the suspension of operations of the Bank of
Cyprus branch in Romania (2013-04-23)
BOC Romania press release: Notice
for prolongation of the suspension of operations of the Bank of Cyprus branch
in Romania (2013-04-08)
Video: Depozitele
sucursalei Bank of Cyprus vor fi mutate la Marfin România. Transferul, aprobat
de Banca Centrală a Ciprului (2013-04-26)
Video: Bank
of Cyprus isi inchide temporar sucursala din Romania. Bancomatele raman
functionale (2013-04-01)
Banca
Centrală din Cipru a respins ofertele Băncii Transilvania şi Raiffeisen pentru
preluarea Bank of Cyprus România (2013-04-18)
Banca
Transilvania şi Raiffeisen au depus ofertele pentru Bank of Cyprus. Urmează
decizia (2013-04-17)
Raport
confidential: Operatiunea Beatrice, sau de ce era ingrijorat JP Morgan de
relatiile Banca Transilvania- Bank of Cyprus (2013-04-17 08:51 )
Detailed chronology of the 7-year history of Bank of
Cyprus in Romania 15:26 )
DIICOT press release regarding charges against Banca
Transilvania and BOC officers, and others: Comunicat
de presa - 12.07.2010 (2010-07-12)
Banca Transilvania press release regarding DIICOT
decision – English: NOTICE
(2010-07-12)
Acquittal of Horia Ciorcila in July 2011: Horia
Ciorcila, presedintele Bancii Transilvania, achitat de tribunal pentru
acuzatiile de manipulare a Bursei (2011-07-04 11:42 )
Laiki Bank Group: Condensed
Interim Consolidated Financial Statements for the Nine Months Ended 30
September 2012
Laiki Bank Group – Subsidiaries: International
Operations as of 30 September 2012
“The Resolution of Credit and Other Institutions
Law of 2013” – Greek original: Ο
περί Εξυγίανσης Πιστωτικών και Άλλων Ιδρυμάτων Νόμος του 2013 (2013-03-22,
pp. 117-176)
“Bailing-in
of Bank of Cyprus Public Company Limited Decree of 2013” – Greek original: Διάταγμα
περί Διάσωσης με Ίδια Μέσα της Τράπεζας Κύπρου Δημόσιας Εταιρείας Λτδ Διάταγμα
του 2013 (2013-03-29, pp. 769-780)
“Sale of
Certain Operations of Cyprus Popular Bank Public Co Ltd Decree of 2013” – Greek
original: Διάταγμα
περί Πώλησης Ορισμένων Εργασιών της Cyprus Popular Bank Public Co Ltd Διάταγμα
του 2013 (2013-03-29, pp. 781-788)
CBC press release on the commissioning of Alvarez
& Marsal (A&M) to investigate circumstances that have BOC and Laiki
Bank to seek state support in
Greek in
English (2012-08-24)
Alvarez & Marsal report on BOC (2013-03-26): Statement of Protocol
in image format, an attachment to the article Αυτούσια τα συμπεράσματα της
Alvarez & Marsal (2013-04-04 13:00 )
Alvarez & Marsal report on BOC (2013-03-26): Investigation
Report: Bank of Cyprus – Holdings of Greek Government Bonds: the first 13
pages of the sub-report in image format, uploaded to Scribd by user Olympia Gr
on 2013-04-20, an attachment to the article ALVAREZ & MARSAL:
Το olympia.gr αποκαλύπτει τη μυστική έκθεση που στέλνει φυλακή τραπεζίτες και
πολιτικούς σε Ελλάδα και Κύπρο. (2013-04-21)
Alvarez & Marsal report on BOC (2013-03-26): Investigation
Report: Bank of Cyprus – Banca Transilvania Investment: the first 9 pages
of the sub-report in image format, an attachment to the article Raport
confidential: Operatiunea Beatrice, sau de ce era ingrijorat JP Morgan de
relatiile Banca Transilvania- Bank of Cyprus (2013-04-17 08:51)
Alvarez & Marsal
report on BOC (2013-03-26): Investigation
Report: Bank of Cyprus – Marfin Popular Bank Group – Review of Cross-Border
Merger in image format, an attachment to the article Cyprus,
where the vicious circle stopped (2013-04-05 19:10)
Alvarez & Marsal report (2013-03-26): Complete report in text
format generated from a scan using OCR, an attachment to the article Η ΕΚΘΕΣΗ ΤΗΣ ALVAREZ &
MARSAL (2013-04-17 00:54:54 )
EU’s Mergers Directive: Directive
2005/56/EC of the European Parliament and of the Council of 26 October 2005 on
cross-border mergers of limited liability companies (2005-10-26)
Decision of 2010-12-15 by District Court of Nicosia
approving proposed merger: ΔΗΜΟΣΙΕΥΣΗ
ΣΧΕΤΙΚΑ ΜΕ ΣΚΟΠΟΥΜΕΝΗ ΔΙΑΣΥΝΟΡΙΑΚΗ ΣΥΓΧΩΝΕΥΣΗ μεταξύ της ΕΛΛΗΝΙΚΗΣ ΑΝΩΝΥΜΗΣ
ΕΤΑΙΡΕΙΑΣ ΜΕ ΤΗΝ ΕΠΩΝΥΜΙΑ «MARFIN ΕΓΝΑΤΙΑ ΤΡΑΠΕΖΑ ΑΝΩΝΥΜΟΣ ΕΤΑΙΡΕΙΑ»
(«Απορροφώμενη Εταιρεία») και της ΚΥΠΡΙΑΚΗΣ ΔΗΜΟΣΙΑ ΕΤΑΙΡΕΙΑ ΠΕΡΙΟΡΙΣΜΕΝΗΣ
ΕΥΘΥΝΗΣ ΜΕ ΤΗΝ ΕΠΩΝΥΜΙΑ «MARFIN POPULAR BANK PUBLIC CO LTD» (η «Απορροφώσα
Εταιρεία») (2011-01-07, p. 48)
Press release about merger of MPB and MEB, with full
legal details: Διασυνοριακή
συγχώνευση με απορρόφηση της Ελληνικής ανώνυμης εταιρείας με την επωνυμία
“Marfin Εγνατία Τράπεζα Ανώνυμος Εταιρεία” από την Κυπριακή Δημόσια Εταιρεία
περιορισμένης ευθύνης με την επωνυμία “Marfin Popular Bank Public Co Ltd
(2011-03-31)
Background: Pop
Quiz: How Big Is the Bailout Of Cyprus? (2013-03-31)
Mark Pleas
[contact]
