BCP announces hybrid sale and rights issue
Portuguese lender Banco Comercial Portugues on Tuesday approved its recapitalisation plan. The bank will sell €3bn of hybrid securities to the Portuguese state by the end of June, as well as conducting a capital increase.
The bank will raise 500m in a government backed rights issue at 0.04 per share. A spokesperson at the bank said this would put it comfortably above regulatory requirements.
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