Portugal's Millennium bcp seeks debt-equity swap to boost solvency

April 18, 2015 11:35 AM

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LISBON, April 18 (Reuters) - Portugal's largest listed bank, Millennium bcp, plans to exchange junior debt for new shares worth up to 428 million euros ($462 million) to increase its solvency ratio by 70 basis points, helping to put it in line with European benchmarks.

It said in a statement late on Friday that shareholders would vote on the measure on May 11.

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