The president of Portuguese bank Millennium BCP said Tuesday all €500m worth of new shares had been subscribed without any need for the state to buy any but a new European shareholder would have a qualified position.

Nuno Amado told reporters: “There is a great deal more demand than supply.”

The president said, however, the results of the operation would only be announced Wednesday, but economic daily paper Diário Económico said the new qualified shareholder was Ageas, formerly Fortis.

The bank said the state had stayed out of the operation apart from guaranteeing the capital increase, receiving a commission “that was not that small”.

The operation was part of a capitalisation plan by the bank to ensure compliance with the capital levels demanded by the regulators.

The new shares, which were sold at €0.04 each, will start to be traded on 8 October.