November 29 (SeeNews) - Greek Marfin Popular Bank (MPB) plans to enter Bulgaria and run a network of 18 branches in the European Union newcomer by 2010 as part of its expansion strategy for southeast and eastern Europe, the bank said.
"MPB's strategic objective over the next three years is to pursue an aggressive, primarily organic- led, expansion plan that will enable it to attain its stated aim of becoming a leading financial services firm in SEE Europe," the bank said in its business plan for 2008-2010.
The bank, which is active in the southeast European region through its units in Romania and Serbia, also plans to expand in these two countries and operate 49 and 70 branches, respectively, in 2010.
The bank's planned entry to Bulgaria follows its intention to boost its presence internationally, it said. MPB, which is already present in Greece, Cyprus, Ukraine, Estonia, the United Kingdom and Australia, also targets the Russian market and aims to operate 23 branches there by 2010. It is also awaiting regulatory approval to launch operations in Malta.
The bank plans to increase its international branch network to 314 by 2010 from 160 in 2007. In Greece, it plans to increase its existing network by 84% and add 135 branches by 2010, while in Cyprus it expects to keep its network unchanged at 115. The group's total network is seen to reach 724 branches in three years.
MPB expects to more than double year-on-year its profit after tax and minority interest to 580 million euro ($856.7 million) this year. It sees its profit after tax and minority interests at 617 million euro in 2008 and 788 million euro in 2009, while in 2010 it forecasts it to reach 1.04 billion euro.
($ = 0.677 euro)