The news was reported by Bloomberg, which said that CGD had mandated BNP Paribas, Bank of America Merrill Lynch, CaixaBI, Credit Agricole, Credit Suisse and Unicredit to hold meetings with investors starting on Monday in Lisbon, London and Paris.

A spokesperson from the bank said the issue would be exclusively focused on professional investors (not retail clients), is subordinated debt (Tier 2) and will have a 10-year maturity, "with a call option from CGD after 5 years."

According to spokesperson, "with this issuance the final step of CGD's Recapitalisation Plan is fulfilled."