Marfin Popular Bank, headquartered in Cyprus, has applied for a banking license in Bulgaria, Thomson Financial reported on February 21 2008, quoting sources close to the matter.

The bank, created by the merger of Marfin Financial Group, Laiki Group and Egnatia Bank, has announced plans to enter the Bulgarian market last year as part of its plans to expand rapidly into South Eastern Europe.

Marfin hoped to open 18 branches within 18 months, Thomson Financial's sources said. The group's vice-chairman Andreas Vgenopoulos said earlier it was not looking for acquisitions in the region, but could start greenfield operations in Bulgaria and Albania, as quoted by Thomson Financial.

Bulgarian National Bank refused to confirm or deny the news, saying it announced banking licenses as they are issued, as quoted by investor.bg.

Marfin is already present in Romania, where its Greek subsidiary Egnatia owns a bank, a leasing firm and a pension fund managing company.