Banco Bradesco, Brazil's second biggest private sector lender, plans to raise BRL 3bn ($782m) to boost capital by issuing 164.8 million new shares. Bradesco plans to use the money raised to shore up its balance sheet and to pursue new investment opportunities. Following the announcement, Bradesco's preferred share price fell 0.7% to BRL 21.35. Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com The Brazilian government has been under pressure from investors since last year when it announced a plan for an emergency bailout of the country's largest lender. The bank's shareholders will vote on the proposal at a meeting convened on 17th December.
Banco Bradesco, Brazil's second biggest private sector lender, plans to raise BRL 3bn ($782m) to boost capital by issuing 164.8 million new shares. Bradesco plans to use the money raised to shore up its balance sheet and to pursue new investment opportunities. Following the announcement, Bradesco's preferred share price fell 0.7% to BRL 21.35. The Brazilian government has been under pressure from investors since last year when it announced a plan for an emergency bailout of the country's largest lender. The bank's shareholders will vote on the proposal at a meeting convened on 17th December.