The number three bank in Spain, Banco popular, says that it has managed to complete a convertible bond issue with a value of approximately €700 million. This with other issues should manage to bring them a cash injection of somewhere around €1.2 billion.

They intend to use the cash for continued expansion of their banking activities in the short to mid-term.

The bank is said to have now boosted its amount of real capital value by somewhere slightly less than 9%, as a direct result of its recent funding efforts, and is Tier 1 score is now being raised to around the 10% mark.