Cyprus Bank Marfin Takes Big Greek Writedown Hit

Menelaos Hadjicostis - Associated Press

NICOSIA, Cyprus (AP) — Cyprus' Marfin Popular Bank said Wednesday that it's being courted by several strategic investors despite posting a huge loss of €2.5 billion ($3.36 billion) for 2011 after taking a 60 percent writedown of its Greek government bond holdings.

The island's second largest lender said that it would need €1.35 billion ($1.82 billion) to meet the required capital buffer of 9 percent, according to a capital raising plan submitted to regulators.

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February 29, 2012