Spanish bank in capital warning

Banco de Valencia, Spain’s smallest listed bank, warned its plan to increase its capital by €60m (£51m) may be insufficient. Following a routine inspection by the Bank of Spain, Banco de Valencia said it had shareholder approval to hike capital by up to 50 per cent if needed. That would imply about €200m. Trading in its shares was suspended until the afternoon by the bourse regulator after a report in El Mundo paper said it had a funding gap of about €600m.