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Banco Base Seeks €1.45B Aid From Spain

Banco Base will seek €1.45 billion in state funds to meet new local capital requirements.

Banco Base will seek €1.45 billion in state funds to meet new local capital requirements, The Wall Street Journal reports. The Spanish savings bank has called off a plan to hold an initial public offering.

It will ask Spain’s Fund for Orderly Bank Restructuring for the money. The bailout fund will take a stake in Banco Base, the size of which is yet to be determined. Banco Base needs the financing to meet the 10% core capital level required by new regulations, adds Reuters.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.

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