Athens News Agency: News in English, 09-01-20

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Marfin Egnatia Bank unveils strategic partnership with CNP Assurance

[02] Renewable Energy Sources industry growing steadily in Greece, report

[01] Marfin Egnatia Bank unveils strategic partnership with CNP Assurance

Speaking to reporters during a news conference held to present a strategic partnership between Marfin Egnatia Bank and French group CNP Assurances, Vgenopoulos said this growth would be achieved without any state support and stressed that the bank would maintain strict criteria in its lending policy, with the aim to avoid any increase in the bank's non-performing loans portfolio.

Vgenopoulos cited the strategic partnership between Marfin Egnatia Bank and CNP Assurances, with the French group acquiring 50.1 pct in Marfin Insurance Holdings and taking over the management of all insurance companies of the group in Greece and Cyprus.

E. Bouloutas, Marfin Popular Bank's chief executive, and Gilles Benoist and Xavier Larnaudie-Eiffel, the chief executive and deputy chief executive in CNP Assurance, respectively, said the alliance aimed at offering better insurance services to Marfin Group's customers.

CNP, founded in 1850, is the largest life insurance company in France, with premium assets of more than 32 billion euros.

CNP-Marfin seeks to gain a significant share in the Greek bankassurance market over the next 3-5 years.

[02] Renewable Energy Sources industry growing steadily in Greece, report

In the survey, Hellastat said by the end of 2007 total electricity energy power production totaled 1,039 MW (up 18 pct from 2006), while total power production -including large hydroelectric projects- totaled 4,060 MW.

Hellastat said a total of 297 enterprises were included in the survey, of which only 124 reported commercial activities in 2007. Turnover of the sample grew by 36.5 pct to 216.3 million euros in 2007, from 158.5 million euros in 2006, reflecting a significant increase in turnover by companies with an annual turnover of more than 10 million euros. Gross results grew by 28.2 pct in 2007, slower compared with a 68.6 pct increase in 2006, while EBITDA rose by 16 pct and net profits were stable reflecting higher operating costs. From a total 124 companies included in the survey, 102 reported positive pre-tax profits.

The survey noted, however, that time-consuming bureaucracy and weaknesses in the regulatory framework, high initial investment cost, inability of energy storage, natural gas competition, delays in implementing investment projects, were creating hurdles in the further development of the industry.

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