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Sweden's Swedbank unveiled a fully underwritten 15 billion Swedish crown ($2.1 billion) rights issue on Monday to bolster a balance sheet hit hard by the economic downturn.
Swedbank Chief Executive Officer told journalists the firm stood by its outlook for all its markets. "Nothing has changed in our view on the macro outlook or management expectation regarding the development of Swedbank looking forward."
Swedbank, which is facing souring loans in the Baltic region after a credit boom turned to bust, has already raised $1.5 billion through a rights issue.
Wolf said in June he saw no need for extra capital.
The bank said in a statement a group of existing shareholders had undertaken to subscribe for and underwrite in total 46.6 percent of the offering while BofA Merrill Lynch and Credit Suisse had agreed to underwrite the remaining 53.4 percent.
The rights issue is subject to approval at an extraordinary general meeting planned for September 15, the firm said.
"With this capital raising we will strengthen Swedbank's competitive position in our four home markets Sweden, Estonia, Latvia and Lithuania," Board Chairman Carl Eric Stalberg said in a statement.
"The capital will also ensure the implementation of our strategy where we continue our focus on lowering the risk-level in the bank, improving the earnings capacity and managing our capital actively," he said.
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