Laiki Bank Appoints new Director as part of Growth Drive
Laiki Bank (Australia) Limited, a wholly-owned subsidiary of the European-based Marfin Popular Bank, has announced that it has appointed technology entrepreneur Peter Mavridis to its board of directors as part of its plans to expand its consumer and SME banking services in Australia.
Mr Mavridis, 36, worked in the financial services market before he founded technology services company S Central in 1999. The company now has annual revenues approaching AU$100 million. Mavridis was formerly based in the US, working on mergers and acquisitions for giant American utilities provider PacifiCorp, and managed large debt financing deals on Wall Street as a Financial Risk Management Director.
Dubai Financial Group, which is listed on the London Stock Exchange, last year increased its investment in Marfin Popular Bank. The Group, headed by Executive Chairman Soud Ba’alawy, has set a goal to rapidly expand the growth of its international banking interests. The vehicle to be used for these aggressive plans is expected to be Marfin Popular Bank, the holding company of Laiki Bank in Australia.
Laiki Bank said it was delighted to have secured Mavridis’s commitment to assist in its growth plans. The bank has been operating in Australia for seven years and plans to open more branches in Australia and to explore the possible consolidation of smaller foreign owned financial institutions in Australia.
“Peter has proven that he has the drive, skills and energy to generate growth, as demonstrated by the enormous success he has achieved with his technology company S Central,” Laiki Bank’s CEO Mr Michalis Athanasiou said. “He has a strong background in banking and financial risk management and we expect him to play a major role in expanding the client base of Laiki Bank in Australia.”
Laiki Bank will increasingly target the consumer and SME market in Australia, said Mr Athanasiou. He said that Mr Mavridis would be involved in boosting the profile of the bank which offers true relationship-based banking services.
”We see a real gap in the market for the provision of quality banking services across the consumer and SME markets,” said Mr Athanasiou. “The banking needs of Australia’s 1.8 million small businesses are not always well serviced by the big banking groups and we believe that Laiki Bank can provide quality service to this sector and thereby rapidly grow its customer base.”
The Dubai Financial Group is owned by the Dubai Royal Family and Soud Ba’alawy manages US$40 billion in assets on behalf of the ruling al Maktoum family.
About Laiki Bank
Laiki Bank Australia has one of the best loan to deposit ratios in the market, a strong capital position and a quality asset portfolio, which provides assurance to customers investing their savings. Highly competitive banking with personal service continues to be the Bank’s competitive advantage, complemented by a full suite of retail banking products.
The Bank’s stability is the result of 109 years of conservative and traditional banking practices, strong relationships with clients and solid backing by its major shareholders.
Laiki Bank’s corporate social responsibility program includes support for a wide range of educational, sporting, cultural and artistic endeavours. It organises the fundraising for Radiomarathon, an annual initiative that assists children with special needs in Australia.