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Spain's Liberbank lists shares at 40 cents

Source: Reuters - Thu 9th May 2013
Spain's Liberbank lists shares at 40 cents

Spain's Liberbank said on Thursday it would list shares at 0.40 euros each later this month.

Liberbank is listing shares as part of a restructuring plan linked to Spain's bank rescue package. The listing takes place after a swap out of preference shares and subordinated debt of part of its investor base.

Mid-sized Liberbank, which made a net loss for 2012 of €1.83 billion, was amongst the many Banks hit hard by a property market crash and subsequently taken over by the state.

But it received €124 million of EU funds, and the floating on the stock exchange was a condition of the state funding.

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