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Bankia to sell IAG and Mapfre shares

Source: Reuters - Wed 28th Nov 2012
Bankia to sell IAG and Mapfre shares

Spanish nationalised lender Bankia said it plans to sell its 12% stake in the International Airlines Group (IAG) within 4 years, Chairman Jose Ignacio Goirigolzarri said on Wednesday.

Bankia is shedding €50 billion of assets as part of restructuring plan. IAG is the owner of British Airways and Iberia.

Meanwhile, Bankia's managing director Jordi Sevilla said the bank's public debt holdings would fall to €30 billion from €40 billion currently.

Similarly, the Bank also put it's 15% stake in insurer Mapfre up for sale, as part of the lender's actions to liquidate €65 million of assets.