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Banco Popular offers 5:1 Share exchange

Source: Reuters - Mon 6th May 2013
Banco Popular offers 5:1 Share exchange

Spain's Banco Popular on Monday said it was planning a reverse split of its shares to reduce volatility in their trading, in an operation that will group together 5 old shares to every new one.

The bank said a €2.5 billion capital hike it resorted to last year to cope with steep provisions against real estate losses had pushed its share price well below €1, an unattractive level for investors.

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