Spanish Banks Seek Investors to Plug $21 Billion Shortfall

Spanish banks that together need as much as 15.2 billion euros ($21 billion) to meet minimum capital levels now must persuade investors that their battered balance sheets offer the potential return to match the risk.

Twelve lenders, including eight savings banks and the Spanish units of Deutsche Bank AG and Barclays Plc, are among the lenders that fell short of government-set capital requirements, the Bank of Spain said yesterday. The institutions whose levels are furthest from the required minimums include Bankia, which needs 5.8 billion euros, Novacaixagalicia, which requires 2.6 billion euros, CatalunyaCaixa and Unnim.