Marfin aims to double its business next year

Greek-based Marfin Bank, which operates a bank and a leasing company on the Romanian market under the Egnatia brand, aims to double its business again in 2008. “Over the last three years, the bank has doubled its assets, credits and deposits. We hope to see twice as high results next year, as well,” said Stylianos Sofianos, chairman and CEO of Egnatia Bank. The two local subsidiaries will be rebranded “Marfin” in the near future. Sofianos said the specifics of the new brand have already been decided (the logo and the colours) and that the necessary permits is the only thing required. The bank will bear the name “Marfin Bank Romania”, with the leasing company named Marfin Leasing Romania. At the end of November, the bank registered a volume of credits worth 280 million euros, while deposits climbed to 120 million euros. Based on local accounting standards, the bank’s net profit amounted to 5.5 million euros. Sofianos said the return on equity had continued at high levels (above 20%) over the last few years.