UPDATE 1-Strong BCP cash call keeps state away

* Move completes 3.5 billion euros recapitalisation plan

* CEO says final details due on Wednesday

(adds CEO quotes, more details)

LISBON, Oct 2 (Reuters) - A 500 million euros ($645 million) cash call by Portugal's Millennium BCP , was fully subscribed by private investors, meaning the state will not become a shareholder, the bank's chief executive said.

The success of the cash call, which was underwritten by the government, concludes a 3.5 billion euro recapitalisation plan for BCP, the country's largest listed bank by assets.

"I am sure it (the cash call) was completely subscribed by private investors and with demand much higher than supply," CEO Nuno Amado told journalists ahead of the official result due on Wednesday.

The rights issue follows a 3 billion euro loan BCP drew from Portugal's 78-billion euro IMF/EU bailout fund through special bonds convertible into equity, known as contingent convertibles, or Cocos, which must be paid back in five years.

Analysts think BCP, whose Core Tier 1 ratio was 12.1 percent in June under Bank of Portugal (BOP) criteria, will now be able to meet the BOP's capital target of 10 percent core Tier 1 by the end of 2012.

"...in time, a new shareholder with a large stake may come in", the CEO said on Tuesday, adding that it would probably be a European investor.

On Monday the bank's shares jumped after a report by daily Diario Economico suggested Belgium-based insurance group Ageas

participated in the capital increase and will become a key shareholder.

Besides its domestic business, BCP operates profitable operations in Poland, Angola and Mozambique and a loss-making unit in Greece. Its shares have been battered by the euro zone debt crisis. ($1 = 0.7749 euros)

(Reporting by Sergio Goncalves and Daniel Alvarenga; Editing by Elaine Hardcastle)

(daniel.alvarenga@thomsonreuters.com; +351213509203; Reuters Messaging: daniel.alvarenga.thomsonreuters.com@reuters.net)

Keywords: BCP RIGHTS/