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Brazil's Bradesco says board proposes $2.6 bln capital increase
February 6, 2017 / 9:17 PM / 10 months ago

Brazil's Bradesco says board proposes $2.6 bln capital increase

SAO PAULO, Feb 6 (Reuters) - The board of Banco Bradesco SA , Brazil’s third-largest listed bank, will propose to shareholders a capital increase of 8 billion reais ($2.6 billion), granting new shares to current shareholders, the company said on Monday.

According to a securities filing, the measure will be put to shareholders at a meeting on March 10. Bradesco said it will use profit reserves to increase its share capital from 51.1 billion reais to 59.1 billion by distributing 1 new share to investors for every 10 already held.

$1 = 3.11 reais Reporting by Flavia Bohone; Writing by Daniel Flynn

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