Brazil's Bradesco Proposes BRL3 Billion Capital Increase
November 16 2015 - 12:40PM
Dow Jones News
SÃ O PAULO—Brazilian lender Banco Bradesco SA plans to increase
its capital by 3 billion reais ($782 million) by issuing 164.8
million new shares.
The new shares will be divided almost evenly between ordinary
and preferred shares. The bank's shareholders will vote on the plan
at a meeting on Dec. 17, the bank said Monday in a regulatory
filing. Bradesco's preferred shares were down 0.7% to BRL21.35 at
2:13 p.m. local time and new preferred shares will be offered to
shareholders at BRL17.21 apiece.
The money will be used to shore up the bank's balance sheet and
to permit new investment as opportunities arise, Bradesco said in
the note.
Bradesco agreed in August to buy the Brazilian business of HSBC
Holdings PLC. for $5.2 billion, the Brazilian lender's biggest such
deal ever. The bank said in late October that it expects to post an
expansion of its credit portfolio of between 5% and 9% this year
and that its nonperforming loan ratio increased to 3.8% in the
third quarter from 3.7% in the second quarter.
Rogerio Jelmayer contributed to this article.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 16, 2015 12:25 ET (17:25 GMT)
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