"The mechanisms and attitudes existing are not appropriate for a financial centre," Vgenopoulos added. He furthermore added that he had no problems with Governor of the Central Bank of Cyprus Athanasios Orphanides, stressing that Cyprus would remain the focus of his interest and that he would be assuming the presidency of Marfin Popular Bank Cyprus. Past press reports had suggested a rift between Vgenopoulos and Orphanides over the Governor's decision not to allow Marfin Popular's largest shareholder to increase its direct controlling stake in the bank to 30%. The valuations of the merger will be based on the first half accounts to be prepared at the end of June with Vgenopoulos telling the Financial Mirror that since Marfin Egnatia (MEB) is a 97% subsidiary of MPB, "it does not make a difference for the shareholders at what exact level the changes are made."