Banco Pine board approves capital increase of up to US$70mn

Friday, September 9, 2011

The board of Brazil's Banco Pine has approved a capital increase of between 43.8mn reais and 117mn reais (US$26.2mn and US$70.0mn), the bank said in a statement.

The increase will be made through issuing new preferential shares and, when completed, will give Pine a total capital of between 466mn reais and 540mn reais.

The bank's capital currently amounts to 423mn reais.

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Pine set the price for the new shares at 17.2 reais. The subscription period for these shares ends October 10.