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Liberbank gets shareholder approval for rights issue

Liberbank SA's shareholders approved the bank's €500 million rights issue.

The rights issue is a part of the planned €500 million capital increase to boost coverage of the lender's nonperforming assets to around 50% and accelerate the reduction of such assets.

The execution of the issue, which was approved by shareholders holding 99.9% of the share capital present and 68% of the bank's total share capital, is expected to be carried out after the presentation of the third quarter results.

Following the issue, the Spanish bank targets a nonperforming assets ratio below 9%, with a target of 3.5% for 2019.

Liberbank aims to achieve a return on equity target of about 8% in 2020 and to pay the first dividend to shareholders out of its 2018 profit.