Local lender Marfin Bank Romania, which the Cyprus Resolution Fund has put up for sale, is about to be taken over by a consortium in London, consisting of Duet Private Equity and Argo Capital Management, according to market sources cited by local Ziarul Financiar.
The Cyprus Resolution Fund preferred the offer of the London investors to other offers. There have also been talks with Expobank from the Czech Republic, controlled by a Russian investor. Expobank has bought Marfin's operations in Serbia.
Marfin Bank Romania was put up for sale for the second time after the first attempt with the Bank of Beirut in 2015-2016 failed. The Cyprus Resolution Fund has to sell Marfin branches from abroad as part of the rescue program for Cypriot banks hit by the Turkish crisis.
Duet Private Equity and Argo Capital Management specialize in emerging markets.
Marfin Bank Romania has assets of almost half a billion euros, with a market share of less than 1%.