Spain's Liberbank hires Deutsche Bank to lead capital raising

MADRID Mon May 12, 2014 3:54pm EDT

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MADRID May 12 (Reuters) - Spanish lender Liberbank , which needed state aid during the financial crisis, said on Monday it had given Deutsche Bank a mandate to lead a banking syndicate hired to carry out its capital raising plans.

The 500-million-euro ($688 million) rights issue, announced in March, is aimed at repaying government aid and strengthening its capital base and could pave the way to the bank resuming dividend payments.

In a regulatory filing, Liberbank said it had named Citigroup, BBVA, Santander and Societe Generale as joint bookrunners and Ahorro Corporacion, Espirito Santo Investment Bank, JB Capital Markets, Keefe, Bruyette & Woods and brokerage Nmas1 as co-managers.

Liberbank, which returned to profitability last year after reporting a 1.8 billion euro loss in 2012, said net profit more than tripled to 113 million euros in the first quarter to March 31 from a year earlier.

($1 = 0.7270 Euros) (Reporting by Tracy Rucinski, editing by David Evans)

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