February 7, 2018 / 11:15 PM / in 5 months

Brazil's Bradesco announces $2.5 bln capital hike

BRASILIA, Feb 7 (Reuters) - Banco Bradesco SA, Brazil's second-largest private-sector lender, will issue 8 billion reais ($2.5 billion) worth of stocks and distribute them to current shareholders.

In a securities filing, Bradesco said it will convert profit reserves into 610.9 million new shares, divided nearly equally between common and preferred stock. If shareholders approve the transaction, they will receive one new share for every 10 shares they own, the filing said.

$1 = 3.27 reais Reporting by Bruno Federowski; Editing by Tom Brown

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