Spanish bank BBVA to raise capital by 3.5 bn euros

22nd November 2011, Comments 0 comments

Spanish bank BBVA announced Tuesday that it would seek to raise nearly 3.5 billion euros ($4.7 billion) via an issue of convertible bonds.

Up to 34.75 million bonds with a nominal value of 100 euros each will be issued, according to a statement from the Spanish markets regulator.

Spain's second largest bank said at the end of October that it needs 7.1 billion euros in order to meet the tighter capital requirements that European leaders agreed upon last month.

Convertible bonds can be exchanged for equity.

© 2011 AFP

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