While EU leaders play for time, BPCE and BES crack on with clever recaps

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While EU leaders play for time, BPCE and BES crack on with clever recaps

Two plucky eurozone banks have blazed a trail for their peers ahead of EU leaders’ crucial new directives on capital. In moves likely to become widespread if lenders are ordered to increase capital next week, Banco Espirito Santo and BPCE will boost equity substantially by exchanging or buying back hybrid securities well below par.

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