Soud Ba'alawy, DIG CEO, to become Chairman of MARFIN FINANCIAL GROUP
Dubai Financial (DF), a subsidiary of the Dubai Investment Group (DIG) - the global investment arm of Dubai Holding - has acquired a 31.5 per cent stake in Greece's MARFIN FINANCIAL GROUP, (MARFIN), one of the fastest growing banking groups in Europe. Pending regulatory approval for the share purchase, the Dubai-based investment group has been provided with seats on MARFIN's Board.
The CEO of Dubai Investment Group (DIG), Soud Ba'alawy, will serve as Chairman. According to a shareholders' agreement, between Dubai Financial and Andreas Vgenopoulos, Vice-Chairman of MARFIN, Vgenopoulos will retain his 6.75 per cent stake in MARFIN and will continue to oversee the company's business plan, management structure, incentives and employment policies. With the agreement of 15 selling shareholders, Dubai Financial has paid 25 Euros per share for its stake in MARFIN.
Soud Ba'alawy, DIG CEO, said: "I am pleased that the acquisition of the 31.5 per cent stake in MARFIN has been completed in a spirit of good faith and cooperation with the management of the group. We have major plans to extend the European and global reach of MARFIN which enjoys excellent fundamentals. As a shareholder of MARFIN, Dubai Financial will add synergy and value to the Group and I am confident that our partnership with Andreas Vgenopoulos will help MARFIN become a major force in the financial world. I am also pleased that this expansion will be centred in Greece, which has a favourable infrastructure for investments".

MARFIN is listed in the Athens Stock Exchange with a market capitalization of approximately 1.4 billion. Through a series of strategic acquisitions, it has today controlling stakes in a number of banks in Greece and internationally under an announced plan to proceed with a major consolidation.

Dubai Financial has a strategic interest in investing in the financial sector, which is seeing record growth rates both regionally and globally. Dubai Financial's portfolio includes Thomas Cook India Limited (TCIL), as well as a 68% stake in Dubai Bank. It is looking at financial sector opportunities in several countries such Turkey, Malaysia and Indonesia

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About Dubai Investment Group and Dubai Financial
Dubai Financial is a subsidiary of Dubai Investment Group LLC (DIG). DIG is the global financial investor of Dubai Holding. Headquartered in the Emirate of Dubai and with local offices stretching from New York through London to Kuala Lumpur, DIG focuses on long and short-term investments with the potential to deliver exceptional and sustainable performance. DIG is structured as a conglomerate of investment companies operating around core expertise in the asset classes of Global Securities, Real Estate and Fund Management. Dubai Investment Group has created and manages a diversified and rapidly expanding portfolio of direct and indirect investments. It focuses on key sectors including Financials, Industrials, Telecommunications and Hotels. About Dubai Holding Dubai Holding was launched in October 2004 to consolidate the various large scale infrastructure and investment projects in Dubai that were created over the past five years as well as to research, identify and execute future major projects that will benefit the UAE and the region. Dubai Holding currently acts as holding company for over 20 companies operating in a variety of sectors ranging from health, technology, finance, real estate, research, education, tourism, energy, communication, industry, biotechnology and hospitality. These companies include: Tecom, Tatweer, Dubai International Capital, Dubai Properties, Jumeirah group, Dubai International Properties, and Dubai Investment Group.