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Banco de Valencia posts loss of 3.6bn in 2012

Source: Reuters - Tue 5th Feb 2013
Banco de Valencia posts loss of 3.6bn in 2012

Banco de Valencia, bought by Spain's 3rd largest lender Caixabank last year, reported a loss of 3.6 billion for 2012, the bank restructuring fund (FROB) said on Monday.

While Banco de Valencia is still technically held by the FROB, CaixaBank bought the smaller lender for 1 with the benefit of a government-funded program to protect it against future losses on assets.

A Caixabank spokesperson said the loss has not been consolidated into the larger bank's results. CaixaBank's profits fell nearly 80% in 2012, it said last week.

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