(Adds Lombard's statement)
Cyprus's Marfin Popular Bank said today it made a record net loss of €3.3 billion euros in 2011 after incorporating a 62 per cent "haircut" on toxic Greek bonds.
There were net losses of 2.5 billion euros ($3.4 billion) due to Greek government bond restructuring, Marfin said in a statement.
Marfin owns 48.9 per centy of Lombard Bank.
In a statement this evening, Lombard said Marfin was not a majority sharholder in Lombard. Lombard, it said, held no financial exposure whatsoever to any member of the Marfin Popuar Bank Group or to any other Greek or Cypriot entity. It also held no exposure to any form of non-Maltese sovereign or corporate securitieis.
Lombard said it will continue to implement its policy of a prudent and cuatious approach to treasury management.
Apart from the Greek debt writedown, a 796 million euro"goodwill impairment" related to Marfin's Greek operations was also taken into account, making total losses after tax of 3.335 billion euros for 2011.
"With these actions, the group can look forward to a new era of increased operational profitability, enhanced liquidity and ...
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