Nachrichten July 25, 2014

Shearman & Sterling Advises Underwriters on Banco Comercial Português, S.A.’s €2.25 Billion Capital Increase

Shearman & Sterling advised the underwriters, led by Deutsche Bank and J.P. Morgan, in connection with Banco Comercial Português, S.A.’s capital increase of approximately €2.25 billion through a rights offering comprising the issuance of 34,487,542,355 ordinary shares.

Banco Comercial Português, S.A. (“Millennium bcp”) intends to use the proceeds from the offering to repay €1.85 billion of its hybrid capital instruments held by the Government of Portugal. The capital increase will also allow Millennium bcp to strengthen its capital ratios, in particular its common equity tier I (CET I) ratio.

Millennium bcp is one of Portugal’s largest privately owned banking groups, with nearly 750 branches throughout Portugal as well as significant operations in Poland, Angola and Mozambique and a presence in Switzerland, the Cayman Islands and Macao. All of Millennium bcp’s operations are carried out under the “Millennium” brand and, in Portugal, it also operates under the “ActivoBank” brand.

The Team