Vardinogiannis Group, a Greek conglomerate of companies with activities in the shipping and oil industries, has finalized the acquisition of Marfin Bank Romania after receiving clearance from Romania’s National Bank (BNR) for the transaction.

The group, which is controlled by the Vardinogiannis family, controls Motor Oil Hellas Corinth Refineries, a company listed at the Athens Stock Exchange, with a market capitalization of EUR 2.1 billion. It also has operations in shipping and media. The group also controlled Panathinaikos FC, one of the top football clubs in Greece, until 2012.

“Vardinogiannis Group has strong financial power and extensive international business expertise. We believe in the local market’s potential, and we are determined to develop our presence in a sustainable manner in the years to come and generate added value to the local business community,” said Georgios Taniskidis, representative of Vardinogiannis Group in Romania.

Marfin Bank, which has been operating in Romania for 20 years, currently has 30 branches and total assets of approximately RON 2 billion (EUR 430 million). In 2017, the bank registered a net profit of RON 5.7 million (EUR 1.25 million).

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editor@romania-insider.com