Shareholders of Banco Comercial Português (BCP), the Portuguese bank, have subscribed for 10% more than the €930m ($1bn) rights issue, completing the bank's second cash call in three months despite market scepticism.

Merrill Lynch and UBS Warburg led the deal, which was fully underwritten. In Portugal, at the end of the subscription period of a rights issue, shareholders can subscribe for more shares at the rights issue price, which are then allocated pro rata, so there is no rump placement in the market.