Dubai Financial Group, the financial holding company for Dubai Group, announced today that it intends to increase its stake in Marfin Popular Bank to 30% and in Marfin Investment Group to 20%.
DFG invested €625 million in Marfin Popular Bank between May 2006 and December 2006 and currently the value of its stake in the bank is €1,425 million.
The equity increase is subject to regulatory approvals and market conditions.
Dubai Financial Group also announced that Andreas Vgenopoulos, founder of Marfin Investment Group, has been appointed Chairman of Dubai Financial Group South Eastern Europe, a Dubai Financial Group wholly owned subsidiary, for a period of five years.
Vgenopoulos will be nominated by Dubai Financial Group for the top executive position in both Marfin Popular Bank and Marfin Investment Group, for a period of five years.
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