Santander says to issue $2.5 bln in convertible preference shares

MADRID Thu May 8, 2014 2:26am EDT

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MADRID May 8 (Reuters) - Spain's largest bank Santander said on Thursday it plans to issue $2.5 billion in preference shares, convertible to normal shares, to institutional investors in an accelerated book building process.

Santander will give the details of the issuance once they have been fixed, the bank said in a regulatory statement. (Reporting by Paul Day; Editing by Tracy Rucinski)