Marfin Investment Group

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For the bank operating in Cyprus and Greece, see Marfin Popular Bank.
Marfin Investment Group Holdings S.A.
Marfin Investment Group Α.Ε. Συμμετοχών
Anonymi Etairia
Traded as Athex: MIG
Industry Holding company
Founded 1998
Headquarters Nea Erythraia, Greece
Key people
Efthimios Bouloutas (CEO), Andreas Vgenopoulos (Chairman)
Products Industrial holdings
Revenue 1.492 billion (2010)[1]
Profit Decrease (€1.868 billion) (2010)[1]
Total assets €5.412 billion (end 2010)[1]
Total equity €2.283 billion (end 2010)[1]
Number of employees
17,300 (end 2010)[1]

Marfin Investment Group (also known as MIG) is a Greek investment company created in 1998 as Marfin Α.Ε.Π.Ε.Υ.. It has acquired several companies and has changed name several times since. In 2001 it acquired Piraeus Prime Bank and was renamed Marfin Bank. In 2004 it took the name Marfin Financial Group following the triple merger of Comm Group, Marfin Classic Α.Ε.Ε.Χ and Maritime and Financial Investments.

Its shares are currently listed on the Athens Stock Exchange.


In 2006 the Dubai Group bought a 35% stake in the company. As of 31 August 2012, 17.28% of MIG is owned by Dubai Group. In 2006 Marfin Investment Group acquired HSBC's shares in the now-defunct Laiki Bank, establishing a strong minority share position. Subsequently, the group acquired control of Laiki, which it re-branded as Marfin Popular Bank.[2]

On 17 March 2008, MIG announced it sold its 20% of Greek telecommunications company OTE to Deutsche Telekom.

On 6 March 2009, MIG won the deal to acquire Olympic Airlines making it a private airline. The airline was renamed Olympic Air soon after.On 22 February 2010, Olympic Air and main competitor Aegean Airlines announced they had reached an agreement to merge their operations, phasing out the Aegean brand. After an in depth inquiry by the European competitions commission, it was announced on 26 January 2011 that the merger was blocked citing anti-competitive concerns. Following a renewed attempt to sell the company to Aegean Airlines and the subsequent approval by the Competition Commissioner on 10 October 2013, the airline is, as of 23 October 2013, a full subsidiary of Aegean Airlines.

In December 2009, MIG announced their intention in purchasing Serbian airline Jat Airways with an eventual merger with Olympic Air.[3]

On 12 August 2014 Marfin Investment Group Holdings S.A (“MIG”) announces that it has sold its entire participation in MIG Real Estate REIC amounting to a stake 34.96% corresponding to 4,920,000 shares, to NBG Pangaea REIC for a cash consideration of €12.3m. The transaction consideration corresponds to a value of €2.50 per share, implying a premium of approximately 25% to the closing price of €2.01 per share on August 11, 2014.


As of October 2014, MIG's principal equity holdings consisted of:[4]


  1. ^ a b c d e "Annual Report 2010" (PDF). Marfin Investment Group. Retrieved 5 May 2011. 
  2. ^ A new era in Cyprus corporate history-(Cyprus Mail archive article - Thursday, September 21, 2006) [1]
  3. ^ MIG interest in Jat Airways
  4. ^ MIG - By sector. (2009-07-23). Retrieved on 2013-08-20.
  5. ^ Superfast Ferries official web site - Greece - Italy / Pireaus - Heraklion. Retrieved on 2013-08-20.
  6. ^ [2][dead link]
  7. ^ Νέα δομή για την «Χαραλαμπίδης – Κρίστης» - Ant1 internet world. (2012-09-06). Retrieved on 2013-08-20.

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