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Millennium paying off last 700 mln euros of CoCos - CFO
February 9, 2017 / 10:52 AM / 10 months ago

Millennium paying off last 700 mln euros of CoCos - CFO

LISBON, Feb 9 (Reuters) - Millennium bcp, Portugal’s largest listed bank, is currently paying off the last 700 million euros of outstanding contingent covertible bonds (CoCos) to the government, CFO Miguel Braganca said on Thursday.

“Today, at this precise moment the 700 million euros are being paid to the government,” Braganca said during a presentation at Euronext Lisbon. “At the end of the day, the state will no longer have any capital in BCP.”

Millennium completed this month a capital hike of 1.33 billion euros.

Braganca also said that China’s Fosun, which raised its stake in Millennium in the capital increase to 23.92 percent, remains committed to reach a 30 percent holding.

Reporting By Sergio Goncalves, writing by Axel Bugge

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