- Created on Thursday, 28 June 2012 16:27
Shareholders at Portuguese bank Banco Português de Investimento (BPI) approved Wednesday the points on the general meeting agenda including access to state investment.
Porto, June 27 (Lusa) – Shareholders at Portuguese bank Banco Português de Investimento (BPI) approved Wednesday the points on the general meeting agenda including access to state investment that the chairman described as “painful”.
Fernando Ulrich said the meeting which counted on just under 80% of the share capital went smoothly and all nine points on the agenda were passed unanimously.
“Obviously, having to issue subordinated debt at costs as high as this is painful for the bank’s shareholders but these are the rules of the game and BPI has to comply”, he said.
The recapitalization plan foresees the state subscribing €1,500 million.
The bank will then slowly pay off the loan in ten half-yearly payments.
“Every half year so long as the European Banking Authority (EBA) capital ratio is over 9.2%, the amount above that level will be used to reimburse the state”, he added.