Caja Madrid studies share issue

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Caja Madrid studies share issue


News Article Date: Thursday 07th of May 2009

MADRID, May 5 - Spanish savings bank Caja Madrid is studying the possibility of issuing preferential shares, though no amount has yet been decided, a spokesman said on Tuesday. A share issue by Caja Madrid would follow similar moves by other Spanish banks to shore up capital levels. The aim of the issue would be to raise the savings bank's Tier 1 capital ratios and the decision should be made in a couple of weeks, a source close to the matter said. Website elconfidencial.com said on Tuesday that the preference share issue could be for between 1.5 billion euros and 3 billion euros ($2.01 billion-$4.02 billion). At end-March, Caja Madrid's Tier 1 capital ratio stood at 7.45 percent, down from 7.66 percent at end-December and 8.67 percent a year ago. ($1=.7467 Euro)

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