MIG traces its origins to Marfin E.P.E.Y., an investment services company incorporated under Greek law in 1998. Under the leadership of Andreas Vgenopoulos, this company developed a strategy focused on restructuring and consolidation of the Greek banking sector.
The company’s founder was Andreas Vgenopoulos, who had the inspiration and initiative to invite investors to support the creation of a prominent investment group. Vgenopoulos was born in Athens in 1953 and studied Law at the Law School of the University of Athens. He was a lawyer and founder of the law firm “Vgenopoulos & Partners”. He served as Chairman and then as non-Executive member of the BoD of Marfin Investment Group SA. He passed away in November 2016.
Beginning in 2001, the company executed a series of investments and acquisitive transactions involving Greek and Cypriot financial institutions.
This investment strategy culminated in December 2006 in the establishment of Marfin Popular Bank (MPB) as one of the largest retail banking groups in Greece and Cyprus, following the acquisition by Laiki Group S.A. of approximately 97% of the issued share capital of MIG and the subsequent assimilation of the banking assets of MIG, Laiki Group S.A. (Laiki Group) and Egnatia Bank S.A. (Egnatia) at an operational level.
Shortly thereafter, on 4 May 2007, MIG disposed of its principal banking assets to MPB (with the separate transfer of AS SBM Pank to MPB subject to Estonian and Cypriot regulatory consents) and separated itself operationally from Marfin Popular Bank, reflecting the end of Marfin Popular Bank’s restructuring/consolidation phase and its relative maturity as an operating entity.
On 12 July 2007 the Company completed a Euro 5.19 billion Global Offering with the issuance of 774.660.278 shares in order to fund its acquisitions in targeted countries.
Key investment milestones:
- July 2007: acquisition of 34.1% stake in Vivartia
- August 2007: acquisition of 64% stake in Hilton Cyprus
- October 2007: acquisition of 51.6% stake in Attica Group
- October 2007: acquisition of 66.7% stake in JSC Robne Kuce Beograd (RKB)
- July 2008: acquisition of 50% stake in Sunce Koncern d.d. (Sunce)
- December 2008: acquisition of 50% stake in Flight Ambulance International (FAI)
- March 2009: acquisition of Olympic Air, Olympic Handling and Olympic Engineering
- December 2009: joint venture with Veolia Environnement “Veolia-MIG Greece”
- April 2010: disposal of Vivartia’s Bakery and Confectionery division (Chipita)
- September 2011: disposal of 90% stake in Vivartia Cyprus
- November 2011: strategic alliance with Abu Dhabi Mar (ADM)
- October 2012: agreement to sell 100% of Olympic Air to Aegean Airlines
- October 2013: European Competition Commission (DG Comp) approves the sale of 100% of Olympic Air to Aegean Airlines
- August 2014: disposal of 34.96% stake in MIG Real Estate REIC
- July 2015: disposal of 51% stake in FAI Aviation Group
- December 2015: disposal of 100% stake in Skyserv Handling Services
- March 2017 : disposal of entire (49.99 %) stake in Sunce Koncern d.d (Sunce)
- November 2018 : disposal of entire (70.38 %) stake in Diagnostikon kai Therapeftikon Kentron Athinon “HYGEIA” S.A.
- April 2019 : disposal of the entire stake of “MIG LEISURE LTD” in the company “CYPRUS TOURIST DEVELOPMENT PUBLIC CO LTD” (“CTDC”), owner of “Hilton Cyprus” hotel.
- January 2021 : disposal of entire (99.67 %) stake in SingularLogic.
- March 2021 : disposal of entire (92.08 %) stake in Vivartia Holdings S.A.
- May 2023: exchange of the total participation in ATTICA GROUP (79,383%) for the entirety of the Company's bond loans.