Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain to seek advisers on Bankia stake sale next week

Source: Reuters - Fri 31st Jan 2014
Spain to seek advisers on Bankia stake sale next week

Spain will next week formally seek advisors to steer the sale of part of its 68% stake in bailed out lender Bankia, a spokeswoman for the country's bank restructuring fund FROB said on Friday.

Government and banking sources had told Reuters earlier this month the Spanish government was considering selling a stake of as much as 18% during the first quarter of this year, aiming to start recouping part of the 22 Bln injected into the bank since 2012.

Bankia became a symbol of Spain's financial crisis, after the huge losses it and other banks suffered due to a property market collapse forced the government to take 41.3 Bln in European aid to rescue the country's weakest lenders.

A source with knowledge of planning at the economy ministry and the FROB said the state would likely follow in the footsteps of UK Financial Investments, which first sold a 6% stake in Lloyds in September and is now looking at selling more, possibly including a sale to retail investors.

At the current market price, a stake of 18% in Bankia would be worth about 2.7 Bln. Under a Europe-agreed restructuring plan, the state has until 2017 to exit the ownership of the bank.

Read the timeline of the Bankia Collapse to Rescue archive by clicking the link > HERE <

Comment on this Story

 
Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs

 
Use the hair extensions pretty curling styling spray to evenly spray on the hair wigs part that wants to highlight the hair extensions uk curl, then use the curling iron to start at the horizontal line behind the ear, and the human hair extensions uk single layer is rolled, and the handsome yet playful hairstyle is born.