The Vardinogiannis group has purchased the small non-systemic and Cyprus-listed Investment Bank of Greece (IBG) for 75 million euros, an announcement stated on Tuesday.
The bank was previously owned by Cyprus Popular Bank, while the transaction, which includes IBG’s Greece subsidiaries, was approved by the central bank of Cyprus.
The offer by the Vardinogiannis group, which is primarily active in the refinery and shipping sector, was the only one on the table, with Chinese group Fosun declining to continue in the binding offer phase.
