Marfin Bank Rises on ‘Credible’ Investor Interest: Athens Mover
Marfin Popular Bank Pcl (MARFB), the second- largest lender in Cyprus, surged in Athens trading after the bank said it received approaches from “credible” strategic investors to help the firm meet capital requirements.
Marfin Bank rose 22 percent to 29.5 euro cents at 1:23 p.m., its biggest intraday gain since Aug. 29.
Marfin reported today a 3.3 billion-euro ($4.4 billion) loss for 2011 after writing down its holdings of Greek bonds. The bank said it needs to raise 1.35 billion euros to comply with the required Core Tier 1 capital ratio of 9 percent.
To contact the reporter on this story: Tom Stoukas in Athens at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Rummer at email@example.com