Portugal: Govt. gives green light to CGD capital increase

Page created: Monday, 20 March 2017 15:06 GMT

Caixa Geral de Depósitos  Capital Increase  CGD   perpetual debt

Lisbon, March 20 (Lusa) – Portuguese state banking group Caixa Geral de Depósitos (CGD) said on Monday that the Government had signed off an authorisation for a capital increase at the bank of €2.5 billion.

In a market filing the bank said, “by unanimous decision in writing on 17 March 2017, the single shareholder of CGD (the Portuguese State) decided to move ahead with an increase in CGD’s capital in the amount of €2,500,000,000, by issuing 500,000,000 new ordinary shares with a nominal value of €5,00 each.”

The capital increase will be subscribed by the Portuguese State on the date of settlement of the additional tier 1 shares in the amount of €500,000.

In another statement, CGD said that following a recent agreement from the European Commission to move ahead with the second stage of the recapitalisation plan “next week there will be a number of presentations (roadshow) to institutional investors, in Lisbon, London and Paris”.