Demetris Zouzoukis and 10 colleagues have walked from EFG Factors in Athens, Greece, to set up a new forfaiting and factoring company for Marfin Financial Group. Zouzoukis, as the new head of forfaiting and international trade manager, spent five years at EFG, building up a similar capability there.
“Our task is to further develop and upgrade with new financial product offerings, the already existing factoring company of the group – using its licence in a sense – Laiki Factoring (Laiki in Greek means Popular),” says Zouzoukis. “The name Laiki Factoring will very soon be changed to Marfin Factors & Forfaiters and will be offering factoring, forfaiting and trade-related financial services in the Greek and international markets. The Marfin Popular Bank Group right now has presence in 13 countries.”
Zouzoukis will also be a member of the new board of directors.
A main focus for the team will remain the Balkans and Eastern Europe, adding Russia, Ukraine, Kazakhstan and countries in the Gulf area and Middle East.
Marfin Financial Group recently acquired two medium-sized banks, namely Popular Bank of Cyprus and Egnatia Bank. The new bank is named Marfin Popular Bank.
Marfin’s major shareholder, apart from various Greek shipowners in Athens and London, is Dubai Financial Group. Dubai Financial is a subsidiary of Dubai Investment Group (DIG), the global financial investor of Dubai Holding.
Headquartered in Dubai and with local offices from New York through London to Kuala Lumpur, 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.
“DIG has created and manages a diversified and rapidly expanding portfolio of direct and indirect investments,” says Zouzoukis. “It focuses on key sectors including financials, industrials, telecommunications and hotels.”