Greek group Verdinogiannis has completed a EUR 30 million capital increase operation at local lender Marfin Bank, which it acquired earlier this year.

The capital boost aims to support the bank’s growth plans on the local market, the group announced.

Marfin Bank has also paid back the whole subordinated loan it got from its previous owner, Bank of Cyprus.

“We believe in the local market’s potential and we are determined to sustainably consolidate our presence in Romania, to best serve the interests of our current and potential clients and contribute to the development of the local economy. The capital increase at Marfin Bank is proof of the Verdinogiannis Group’s long-term investment strategy in Romania,” said Georgios Taniskidis, the group’s representative in Romania.

Marfin Bank Romania has 30 units and about RON 2 billion (EUR 430 million) worth of assets.

The Verdinogiannis Group controls Motor Oil Hellas Corinth Refineries, a listed company valued at EUR 2.1 billion.

editor@romania-insider.com