Dubai Group has seen its stake in Cyprus Popular Bank diluted and the value of its holding plunge dramatically following a state bailout of the lender.
Cyprus Popular Bank, formerly known as Marfin Popular Bank, was forced to seek state support this summer as the effects of nearby Greece's recession hammered earnings at the island's companies. The cost of propping up Cyprus' banking sector forced the Cypriot government to request an international bailout.
But the effect of the bank's capital increase was to dilute Dubai Group's stake significantly.
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