Spain's Popular completes 700 mln euro convertible

Spain's third-largest bank Popular said on Tuesday it had successfully completed 700 million euros ($1.0 billion) convertible bond issue.

Last month, Popular said it would launch new share and convertible bond issues worth about a combined 1 billion euros.It subsequently placed 500 million euros worth of shares with institutions at 7 euros per share.

The 1.2 billion euros raised from the two issues will be earmarked for organic growth and short and mid-term expansion opportunities, as well as boosting solvency and shoring up its capital base, the bank said in a statement.

Popular has said its core capital ratio would be boosted to 8.7 percent by the issues and Tier 1 to 10.0 percent. ($1 = 0.6767 euro)