The Barcelona-based bank is likely to approve the issue at a March 27 board meeting and it would likely take place in the medium term, the newspaper reported.

The operation could be delayed if there is lack of demand due to turbulence in global credit markets, Cinco Dias reported.

It would follow a 7 billion euro bond issue by Spain’s largest bank Santander on Oct. 3.

Sabadell will also name the chief executive of Portuguese bank Millennium bcp BCP.LS, Carlos Santos Ferreira, to its board at the meeting to bring the two institutions closer together, the newspaper reported.

Sabadell officials were not immediately available to comment on the report.