Banco Popular Espanol will seek to raise as much as $3.2 billion from a stock sale and suspend its October dividend as the Spanish bank tries to cover a shortfall found in stress tests. The shares plunged.
The bank expects to book a 2012 loss of $2.96 billion, compared with a previous estimate for a profit of $515 million, as it speeds up recognition of loan impairments and relies less than it previously planned on capital gains, chief financial officer Jacobo Gonzalez-Robatto said on a webcast for analysts Monday. The lender agreed to the capital increase and reaffirmed its commitment to remain independent at a board meeting in Madrid Sunday, the bank said in a filing.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
