MADRID May 21 Spanish lender Liberbank said on Wednesday it was launching an accelerated share placement ahead of a rights issue, in two transactions through which it aims to raise up to 575 million euros ($786 million).
The bank, which had already announced it planned a rights issue to repay state aid, said it would place about 375 million shares through the prior share offering, including some stock owned by its controlling shareholders, a group of savings banks.
Liberbank said it already had 174 million euros worth of commitments from three investors during the accelerated bookbuilding, likely to be completed by Thursday. It added that it aimed to raise between 400 million and 475 million euros in the rights issue. ($1 = 0.7318 Euros) (Reporting by Sarah White; Editing by Sonya Dowsett)