Marfin Popular committee to propose €660 million convertibles issue

By Jennifer Chiou

New York, Nov. 2 - Marfin Popular Bank PCL said its board will hold a meeting on Nov. 11 at which the executive committee intends to propose the issue of up to €660 million of convertible capital securities with a waiver of the existing shareholders' pre-emptive rights.

The securities will have a minimum conversion price of €1.80.

The committee intends for the convertibles to be issued at the board's discretion until the end of 2011, according to a company release.

If the board approves the issue, the convertibles will be up for approval at a future shareholders' meeting.

The Cyprus-based bank has subsidiaries in Greece, the United Kingdom, Serbia and Australia.

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