Marfin Egnatia Bank: a wide ranging relationship

Marfin Egnatia Bank (later Cyprus Popular Bank, now part of Piraeus Bank) was in the period 2006-2009 probably the 5th largest bank in Greece, having quickly expanded its retail network, assets and operations over a short period of time as a result of mergers/acquisitions. VALEUR had a wide ranging collaboration with the Bank on a number of important projects.

Expansion of Retail Network

In 2007 the Bank’s business plan opted for a quick expansion of its retail network and set the objective of establishing 50 branches within a year – a highly amibitious target by any previous standards in the Greek market. VALEUR took an active role in this intermediating as agent for some 15 .branches – often in less well known areas.

Valuation of  own properties for IFRS

VALEUR valued 20 own not own-used properties for the purposes of IFRS

Valuation of 180 properties with a view to sale

VALEUR valued 180 properties acquired by the Bank at auctions as a result of bad debts for the purpose of sale. The properties were of all kinds and located all over Greece. The project was  successfully completed in record time. VALEUR also provided advice as to the sale  strategy.

Lease Renegotiation  of 125 properties all over Greece

VALEUR was assigned in 2010 the project  to renegotiate the lease terms of 125 properties all over Greece, mostly branches and also some office space. The project was one of the first renegotiation projects in Greece and probably the first and largest in Greece to be undertaken by one external advisor. The project was successfully completed in record time with significant savings achieved (c. 10% – a very meaningful result at the time).