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Cyprus News Agency: News in English, 09-09-15

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From: The Cyprus News Agency at <>




    Marfin Popular Bank has announced its decision to maintain its legal base in Cyprus, thus changing its initial decision taken in May to move its headquarters from Cyprus to Greece. Marfin`s executive vice chairman Andreas Vgenopoulos has said that ``the boards of directors of Marfin Popular Bank and Marfin Egnatia Bank convened on Tuesday and decided the merger of the two banks. Marfin Popular Bank will be the absorbing entity in order for the banks legal seat to remain in Cyprus``.

    According to a press release issued by the Bank, ``Marfin Popular Banks management believes that the reactions which followed its initial decision have revealed the need for constructive dialogue for the enhancement of the institutional and regulatory framework of the Cypriot financial services system as well as the abolition of dysfunctions which act as barriers to entrepreneurship and the attraction of international investments in Cyprus``. The press release says that in light of the current challenging economic environment, Marfin Popular Bank wishes to enter into this fundamental dialogue and lay its arguments having already settled the outstanding matter of its legal seat.

    ``This way, its arguments cannot be weakened or viewed under the prism of alleged own interests or the exertion of pressure to secure special privileges``, it adds. The Executive Vice-Chairman of Marfin Popular Bank said that the unfavourable developments for the Cypriot economy commanded the need to protect the best interests of the country and its society``. He added that the Bank`s decision was significantly influenced by the pleas of the people of Cyprus and of the vast majority of the Cypriot business community and political establishment.


    The European Commission has approved the fifth annual report on the implementation of the EU regulation on the Green Line, between the Cypriot government controlled areas and the Turkish occupied areas of Cyprus. The report states that additional effort is needed as far as tackling illegal immigration is concerned. The report, covering the year to 30 April 2009, notes also that trade in goods increased by more than a third, but expresses concern over smuggling cases across the Line.

    In the report it is stated that control of people crossing the Green Line, at the authorized crossing points works well, but the number of third country nationals crossing the Line illegally between the crossing points remains significant- total number of apprehended illegal migrants is 5,525. Both the Republic of Cyprus and the UK Sovereign Base Areas reinforced their surveillance of the Line, however additional effort is needed in this respect, it is added.

    The report also refers to the total value of goods entering the southern government controlled areas under the provisions of the Green Line Regulation, noting that it was 6.1 million euro, up 36% on the previous year. Green Line trade now accounts for over 10% of Turkish Cypriot trade leaving the northern part of Cyprus, a press release on the report says. It is also noted that however, smuggling across the Line remains a matter of concern.

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