Marfin Investment Group is a Greekinvestment company created in 1998 as Marfin Α.Ε.Π.Ε.Υ.. It has acquired several companies and has changed name several times since. In 2001 it acquired Piraeus Prime Bank and was renamed Marfin Bank. In 2004 it took the name Marfin Financial Group following the triple merger of Comm Group, Marfin Classic Α.Ε.Ε.Χ and Maritime and Financial Investments. Its shares are currently listed on the Athens Stock Exchange.
History
In 2006 the Dubai Group bought a 35% stake in the company., 17.28% of MIG is owned by Dubai Group. In 2006 Marfin Investment Group acquired HSBC's shares in the now-defunct Laiki Bank, establishing a strong minority share position. Subsequently, the group acquired control of Laiki, which it re-branded as Marfin Popular Bank. On 17 March 2008, MIG announced it sold its 20% of Greek telecommunications company OTE to Deutsche Telekom. On 6 March 2009, MIG won the deal to acquire Olympic Airlines making it a private airline. The airline was renamed Olympic Air soon after. On 22 February 2010, Olympic Air and main competitor Aegean Airlines announced they had reached an agreement to merge their operations, phasing out the Aegean brand. After an in depth inquiry by the European competitions commission, it was announced on 26 January 2011 that the merger was blocked citing anti-competitive concerns. Following a renewed attempt to sell the company to Aegean Airlines and the subsequent approval by the Competition Commissioner on 10 October 2013, the airline is, as of 23 October 2013, a full subsidiary of Aegean Airlines. In December 2009, MIG announced their intention in purchasing Serbian airline Jat Airways with an eventual merger with Olympic Air. On 12 August 2014 Marfin Investment Group Holdings S.A announces that it has sold its entire participation in MIG Real Estate REIC amounting to a stake 34.96% corresponding to 4,920,000 shares, to NBG Pangaea REIC for a cash consideration of €12.3m. The transaction consideration corresponds to a value of €2.50 per share, implying a premium of approximately 25% to the closing price of €2.01 per share on August 11, 2014. On 3 July 2015, MIG announced the signing of the agreement for the sale of its stake in FAI rent-ajetAG and in FAI Asset Management GmbH to the minority shareholder Axtmann Holdings AG and to members of the Axtmann family. The transaction consideration including dividend payment is €25.2m in cash payable in instalments. On 7 December 2015, MIG announced that, following the decision of the Board of Directors, it accepted today abinding offer from «SWISSPORT AVIAREPS HELLAS S.A.» to sell the entire stake in Skyserv Handling Services S.A.. The transaction consideration is €18m in cash payable in instalments, of which an amount of €10m payable upon completion of the transfer of shares and the remaining consideration payable in three annual instalments. On 14 June 2017, MIG following its announcement on 21.3.2017 hereby notifies the investors of the completion of the sale of the total number of shares held in the company “SUNCE KONCERN d.d.” corresponding to 49,99% of its share capital to the company “SUNCE ULAGANJA d.o.o.” controlled by the Andabak family. The consideration of the transaction amounting to € 43m. was fully paid in cash and will be used, after covering the transaction expenses, for the repayment of existing loan obligations of the Company.
Holdings
As of June 2017, MIG's principal equity holdings consisted of:
