Spain Popular approves capital hike of up to 2.5 billion euro - source

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October 1, 2012 4:42 AM EST

The board of Spain's Banco Popular has approved a capital increase of up to 2.5 billion euros (1.9 billion pounds), a source close to the process said on Sunday.

The bank's directors also agreed that Popular would remain independent rather than searching for a partner, the source said.

Popular declined to comment.

(Reporting and editing By Jesus Aguado, Writing by Paul Day)

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Copyright 2012 Thomson Reuters UK. All rights reserved.

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