Cyprus-based bank Laiki has tabled bids for Greek banks Marfin and Egnatia, making all-share propositions to both companies in what is reported to be a three-way merger.
The combined banking group would have capital of over E3 billion, with a network of 300 branches encompassing 13 countries. Laiki chairman Neoklis Lyssandrou announced the development at a press conference, hailing it as an historic moment and a grandiose plan. Mr Lyssandrou said that the combined group would be the largest financial group in Cyprus and the second largest in Greece.
Laiki is offering 5.75 of its shares for each one of Marfin, and approximately 1.2 of its shares per share in Egnatia. Online news service Gulfnews.com suggests that the newly formed corporation will focus on the fast-growing Balkan and Middle Eastern markets.