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Bancaja sells 5 percent of Enagas

Source: Reuters - Thu 17th Feb 2011

Spanish savings bank Bancaja said on Thursday it is placing its entire 5 percent stake in gas grid operator Enagas with institutional investors through Deutsche Bank.

Bancaja is in the process of merging its banking business with five other savings banks ahead of a stock market listing in order to meet strict new capital requirements demanded by the Spanish state.

Spain's savings banks are in a restructuring process which is resulting in mergers and stake sales to reduce high levels of debt run up during the country's property bubble, which burst in 2008.

Bancaja had a core capital level of 7.15% at end-December, below the 8%demanded by new rules.

Enagas, which has a further 10 percent of its share capital in the hands of two other Spanish savings banks, closed up 1.31% at 16.21 euros on Wednesday.

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