RNS Number:7596T
IRF European Fin Investments Ltd 
27 March 2007

                 IRF European Finance Investments Ltd. ("IRF")

       IRF acquires a further 3.76% stake in Marfin Popular Bank ("MPB")

                IRF's interest in MPB is now approximately 5.36%


IRF is pleased to announce that yesterday it acquired 29,020,191 treasury shares
from MPB, a commercial banking group listed on the Athens Exchange, for
approximately Euro226.35 million in cash.  The purchase was concluded at Euro7.80 per
share, representing a discount of  (i) 4.2% to the Euro8.14 closing price of 26
March 2007 and (ii) 2.5% to the Euro8.00 closing price on 23 March 2007.  In total,
the shares purchased represent approximately a 3.76% interest in MPB.

This acquisition was partially funded from the $237.7 million gross proceeds of
the recent private warrant program.  In addition, IRF has funded acquisitions of
MPB stock with an aggregate of Euro100 million from a credit facility arranged with
a commercial bank.

As a result of this acquisition, IRF now owns approximately 41.4 million shares
of MPB, representing an interest of approximately 5.36% of MPB's outstanding
shares as of 31 December 2006.  IRF's current intention is to hold the minority
stake for income generation and capital appreciation.

MPB is the result of a merger between Marfin Financial Group, Egnatia and Cyprus
Popular Bank which occurred in the last quarter of 2006. Currently, MPB is a
significant bank in both Greece and Cyprus, with diversified banking interests
in the retail, commercial and investment banking sectors, and has a market
capitalisation of approximately Euro6.28 billion.


About IRF

IRF was formed to invest in the financial services industry throughout Europe
with a primary focus on credit institutions and insurance companies in South
Eastern Europe.  IRF's current strategy is the acquisition of financial
institutions having valuations which do not reflect their potential and where
marketing and operational efficiencies are possible.  IRF owns a 20.16% interest
in Proton Bank S.A..


About Proton Bank

Proton Bank is a full service financial services institution, including retail
and investment banking as well the provision of specialised corporate advisory
and investment services.   Proton Bank is listed on the Athens Stock Exchange
under the symbol 'PRO'. For more information about Proton Bank, please see
www.proton.gr.


About Marfin Popular Bank

MPB is full-services financial institution that was created through the recent
merger of Marfin Financial Group, Laiki Hellas and Egnatia Bank.  As a result,
MPB is a regional financial institution with 312 branches in 12 countries.  MPB
is listed on the Athens Stock Exchange under the symbol 'MARFB'. For more
information about MPB, please see www.laiki.com.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCDDGDXBSDGGRL
Irf European Finance Inv... (LSE:IRF)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Irf European Finance Inv... Charts.
Irf European Finance Inv... (LSE:IRF)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Irf European Finance Inv... Charts.