LISBON Aug 7 Portugal's largest listed bank
Millennium bcp said on Thursday it had obtained the
go-ahead from the Bank of Portugal to repay 1.85 billion euros
($2.47 billion) in pricey state loans and would proceed with the
BCP completed a 2.25 billion euro capital increase last
month, aimed to raise enough cash to repay the bulk of state
loans held in so-called contingent convertible bonds that carry
high interest and weigh on earnings.
BCP on Thursday confirmed its earlier estimates that its
fully implemented common equity Tier 1 ratio would stand at 9
percent after the repayment.
The bank took 3 billion euros of convertible bonds at the
height of Portugal's debt crisis in 2012. BCP shares were up 1
percent at 1049 GMT after recovering from sharp morning losses.
(1 US dollar = 0.7476 euro)
(Reporting by Andrei Khalip; Editing by Mark Potter)