Marfin Investment Group
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This article may require cleanup to meet Wikipedia's quality standards. Please improve this article if you can. (January 2008) |
| Marfin Financial Group | |
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| Type | Private |
| Founded | |
| Headquarters | Athens, Greece |
| Products | Commercial banking and assets |
| Website | www.marfininvestmentgroup.com |
Marfin Investment Group (also known as MIG ) was created in 1998 as Marfin Α.Ε.Π.Ε.Υ.. It has taken over several companies and has changed name several times since. In 2001 it took over Pireus 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. In 2006 the Dubai Group bought a 35% stake in the company.
As of August 2007 it holds a 76.89 % share on the Vivartia group. On 17 March 2008 MIG announced it sold its 20% of greek telecommunications company OTE to Deutsche Telekom.
[edit] History
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Geography - History - Politics Greece Portal |
MIG traces its origins to Marfin E.P.E.Y., an investment services company incorporated under Greek law in 1998. Under the leadership of Mr. Andreas Vgenopoulos, this company developed a strategy focused on restructuring and consolidation in the Greek banking sector.
Beginning in 2001, the company executed a series of investments and acquisitive transactions involving Greek and Cypriot financial institutions.
This investment strategy culminated in December 2006 in the establishment of Marfin Popular Bank as one of the largest retail banking groups in Greece and Cyprus, following the acquisition by Laiki Group S.A. of approximately 97% of the issued share capital of MIG and the subsequent assimilation of the banking assets of MIG, Laiki Group S.A. (Laiki Group) and Egnatia Bank S.A. (Egnatia) at an operational level.
Shortly thereafter, on 4 May 2007, MIG disposed of its principal banking assets to MPB (with the separate transfer of AS SBM Pank to MPB subject to Estonian and Cypriot regulatory consents) and separated itself operationally from Marfin Popular Bank, reflecting the end of Marfin Popular Bank’s restructuring/consolidation phase and its relative maturity as an operating entity.
On 12 July 2007 the Company completed a Euro 5,19 billion Global Offering with the issuance of 774.660.278 in order to fund its acquisitions in targeted countries.
[edit] Board of Directors
Mr. Emmanuel Xanthakis - Chairman: Mr. Xanthakis studied Economics, Business Administration and Finance in Athens and Toronto. He is a professor in the Department of Economics at the University of Athens. Mr. Xanthakis has worked as financial consultant in the Ministry of National Economy and served on the board of directors of ETBA Bank, the then state owned industrial development bank. He has also served as Chairman of the ATHEX, the Central Securities Depository and held the position of President of Ernst & Young Finance in Greece.
Mr. Soud Ba’alaway - Co-Vice Chairman: Mr. Ba’alaway is the Executive Chairman of the Dubai Group, established to focus on three key industries: Investments, Banking and Insurance with a local office network that spans from New York through London to Kuala Lumpur and Hong Kong. Previously, he was CEO of Dubai Investment Group, and played a key role in its foundation. He brings to the Group his extensive experience in the banking and investment fields from his previous posts as Chief Investment Officer, Dubai Internet City and Vice President of The Executive Office. He also has more than ten years of banking experience with Citibank group, and was appointed Vice President of the Gulf Treasury, Citibank Dubai. He is also an Executive Committee Member of Dubai Holding, which provides strategic direction for a range of companies in diversified sectors including media, technology, healthcare, tourism, real estate property, finance, biotechnology, industrial and energy. He is the Chairman of Marfin Popular Bank, a Cyprus based bank with a vision to become the biggest banking group in Southeastern Europe. A Board Member and Vice Chairman of Dubai Bank, he is also a Board Member of Noor Islamic Bank, Emirates Integrated Telecommunications Company (EITC), a new telecommunication services provider in the United Arab Emirates, a Board Member of Dubai Financial Market (DFM) and Chairman of Manzil, a non-profit centre for persons with special needs. He is a member of the Chartered Institute of Management Accountants in the United Kingdom.
Mr. Andreas Vgenopoulos - Co-Vice Chairman: Mr. Vgenopoulos studied Law at the Law School of the University of Athens. He is a lawyer and founder of the law firm Vgenopoulos & Partners. He previously held the position of Human Resources Director in Thenamaris Shipping and is now the Chairman of Hygeia S.A. and the CEO of MPB.
Mr Dennis Malamatinas - Chief Executive Officer: Mr. Malamatinas has served as the CEO of Burger King Corporation, CEO of Smirnoff Vodka, Chairman and founding CEO of Priceline Europe, President & CEO of Pepsi-Cola Italy, Area Vice President of Pepsi Co Middle East, CEO of Metaxa Distillers, President of IDV Ltd Asia-Pacific Region, Drinks Division (now part of Diageo Plc), co-CEO of Marfin Bank and held various brand management positions with Procter & Gamble International where he started his career. He is currently non-executive Chairman of Metro International (the world’s largest international newspaper), Founder and Chairman of Philox Ltd (the first pan-European online student community) and serves on the following boards as a non-executive director: Mid Ocean Partners; SSP Group Ltd; Saxo Bank; SBARRO Inc; and Celio Group Ltd. He has previously served as a director on the boards of: Diageo Plc; Reuters Plc; Alltracel Plc; Priceline Europe Ltd; and IRF European Finance Investments Ltd. He was born on 4 April 1955, is married with 2 children and has lived in 8 countries. He has a BS in Economics from Roosevelt University in Chicago, Illinois and has also received an MBA from the Graduate School of Business of the University of Chicago. He was one of the 5 Founding Partners of President Clinton’s Welfare to Work Reform Initiative and is currently advising HRH Princess Haya Bint Al Hussein on matters relating to the International Equestrian Federation.
Mr. Georgios Efstratiades - Chief Operating Officer: Mr. Efstratiades studied Economics at the University of Athens and holds a Postgraduate degree in Finance and Investment from Exeter University. He was a Financial Analyst and General Manager at Proodos Greek Investment and a senior loan officer at Ergasias Bank. At IBG he holds the position of Portfolio Management Department Director and he is Chief Executive Officer of Ìarfin G.A.M. S.A.
Mr. Ioannis Karakadas - Executive Director: Mr. Karakadas holds a BBA in Industrial Management from Kent State University (USA). He has 20 years experience in senior management positions with new technology, consumer products and services companies. He started his career in 1985 with Procter & Gamble in Athens and later on he held the position of European Marketing Director at PepsiCo. He was President and CEO of Tchibo GmbH, and has also been President of the Asia-Oceania division of Burger King, CEO for Europe at Barilla SRL, and General Director of the German subsidiary of Barilla. In addition, he is the founder and CEO of White Tower Ltd in the United Kingdom, which focuses on corporate restructuring opportunities in the South Eastern European region. Today he is Chairman of the board of directors and CEO in SingularLogic Software S.A. and SingularLogic Integrator S.A. and is a member of the board of directors of Greek Information Technology Holdings S.A.
Mr. Panagiotis Throuvalas - Executive Director: Mr. Throuvalas studied Economics at the University of Athens and holds a Postgraduate degree in Economics from Manitoba University (Canada). Since 1982 he has been working in the field of Finance and Investments. He is Financial Director of the Theocharakis Group and a member of the board of directors of Egnatia Mutual Funds S.A., Egnatia Bank S.A. and the Metropolitan Hospital. From 1995 to 2006, Mr. Throuvalas was a member of the board of directors of Hyatt Regency (Hellas) S.A.
Mr. Sayanta Basu - Executive Director: Mr. Basu studied Electrical Engineering at the Indian Institute of Technology (Kharagpur) and holds a Postgraduate degree in Business Administration from the Indian Institute of Management (Bangalore). He was personally responsible for the Private Capital and Hedge Fund Portfolio at Dubai Investment Group and held the role of Chief Dealer at Citibank N.A. in Dubai. Mr. Basu is CEO of Dubai Financial, Vice Chairman of Thomas Cook India Limited and a member of the board of both Dubai First and MPB.
Mr. Abdulhakeem Kamkar - Executive Director: Mr. Kamkar has over twenty years of experience in finance and investments and joined the Dubai Investment Group in 2000 and is currently the CEO of Dubai Investment Group, which is the global investment arm of Dubai Group. Before joining the Dubai Investment Group, Mr. Kamkar worked with Emirates Financial Services (EFS), a subsidiary of Emirates Bank International. At EFS, he played a major role in the development of the UAE Capital Markets. His significant contributions included the creation of indices, and the launch and management of the UAE’s first three open-ended funds. He also established the brokerage arm of Emirates Financial Services and the registrar business. Mr. Kamkar holds a Masters Degree in Urban & Regional Planning from the Graduate School of Public and International Affairs, University of Pittsburgh.
Mr. George Lassados - Non Executive Director: Mr. Lassados holds a B.Sc. from Queen Mary’s College (London) and an MBA City University (London). He was Vice Chairman of the board of directors in Alpha Trust S.A. and Hambros Hellenic Mutual Funds Management S.A., a member of the board of directors in Hambros Bank Limited and a Non Executive Member of the board of directors in Marfin S.A. and Marfin Bank S.A. Since 1996 he has been Senior Administrative Officer at Union Bancaire Privee, and a member of its Management Committee and Credit Audit Committee.
Mr. Nicholas Wrigley - Non Executive Director and Chairman of the Nomination and Remuneration Committee: Mr. Wrigley holds a BA law degree from the University of Sussex, United Kingdom. He is an English solicitor and an Italian Avvocato registered with the Milan Bar. He was a partner of Clifford Chance LLP, the global law firm, for some 11 years up to 2006 and was a member of the Global Management Committee of Clifford Chance LLP from 2003 to 2005, as Head of Continental Europe. During such time, he specialised in Italian and European capital markets transactions, mergers and acquisitions and initial public offerings and managed the Italian offices of Clifford Chance LLP. He also advised numerous global private equity funds on their investments and divestments. Today, he is an entrepreneur and co-founder and major shareholder of UPC Renewable Energy BV, the largest privately owned wind and solar energy development platform in the World. He is also the Chairman and member of the board of an Italian hedge fund, Helm Finance SGR SPA, Special Advisor to Dubai Investment Group and consultant to Clifford Chance LLP. He is also a non-executive director of Solar Integrated Technologies Inc., a leading integrator of photovoltaic rooftop panels. He has significant experience in private equity transactions, initial public offerings and complex capital market transactions and had advised many international clients and governments during 21 years as a qualified lawyer.
Mr. Alexandros Edipidis - Independent Non Executive Director: Mr. Edipidis studied Hotel Management in Switzerland and was responsible for the establishment of the first Holiday Inn hotel in Greece. Since 1977, his main activities have been in the shipping industry. From 1994 to the present day he has been working at the shipping company, Bariba Corporation.
Mr. Markos Foros - Independent Non Executive Director: Mr. Foros studied Economics at the London School of Economics and holds an MBA from Harvard Graduate School of Business Administration (Boston). He has worked at the First National Bank of Chicago and has held positions as Chief Executive Officer, Financial Director and Vice Chairman at Celebrity Cruises Inc. He was also Chief Executive Officer and a member of the board of directors at Chandris Group.
Mr. Konstantinos Grammenos - Independent Non Executive Director: Mr. Grammenos holds an Economics degree from Panteion University, Athens, a postgraduate degree in Finance from Bangor University (Wales) and a PhD in Shipping and Finance from City University. In 1983 he founded the Shipping, Trade and Finance Department at City University and has headed it ever since. He has since been President of the Management Team of International Hellenic University in Thessaloniki. He is a professor and Pro-Vice Chancellor at City University, London and Vice Dean at Cass Business School.
Mr. Konstantinos Los - Independent Non Executive Director: Mr. Los holds Masters Degrees in Applied Economics and in Mechanical Engineering from Tufts University and a B.S.Mfg.E. from Boston University. He has worked in Boston as an Engineer at Teledyne Engineering Services and as a Project Engineer at Thermo Electron Corp. He has been Vice President of Vrontados Shipping Co. in Piraeus and founding member of the board of American Radio Corp. of Boston, and is a founding member of the board of Delta Energiaki S.A. in Greece. Since 2002 he has served on various boards and committees of the Marfin Group.
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