BCP cash call fully subscribed by investors-CEO
LISBON Oct 2 (Reuters) - A planned 500-million-euro cash call by Portugal's largest listed bank by assets, Millennium BCP , was entirely subscribed by private investors, the bank's chief executive said on Tuesday.
"I am sure it (the cash call) was completely subscribed by private investors and with demand much higher than supply," CEO Nuno Amado told journalists. The official results of the operation are due out on Wednesday.
The cash call is a complement to the 3 billion euros BCP drew from Portugal's 78-billion euro IMF/EU bailout fund through special bonds convertible into equity, known as contingent convertibles, or Cocos, which must be paid back in five years.
Analysts believe this operation will allow BCP, whose Core Tier 1 ratio was 12.1 percent in June under Bank of Portugal (BOP) criteria, to meet the BOP's capital target of 10 percent core Tier 1 by the end of 2012.
Besides its domestic business, BCP operates profitable operations in Angola and Poland and a loss-making unit in Greece. Its shares have been battered by the euro zone debt crisis. (Reporting by Sergio Goncalves, Daniel Alvarenga)
- WTO overcomes last minute hitch to reach its first global trade deal
- Colorado baker discriminated by denying gay couple wedding cake: judge
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- U.S. freeze shows no sign of weekend melt after deadly storm
- Flights delayed as air pollution hits record in Shanghai