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NovaCaixa Galica Bank loses €168.7 Million

Source: El Mundo - Mon 2th Apr 2012
NovaCaixa Galica Bank loses €168.7 Million

NovaGalicia Group - The Bank created by the merger of Nova Caixa and Caixa Galicia, recorded a loss of €168.7 million last year, of which €69.5 million came after the creation of the nelwy merged group.

As required, these details were reported to the National Securities Market Commission (CNMV), although these losses were countered by an operating income of €74.9 million for the same period. There was also a further €2,050 million in write-downs.

In 2011 the liabilities of Nova Caixa Galicia was €69.5 million, of which only €2.7 million related to equity held by the Bank, and its net assets amounted to €2.69 million.

Novagalicia Bank also reported it's plan to generate capital will include private investors being approached to provide up to 20% of the liquidity required. In order to do this the Bank Restructuring Fund (FROB) will issue bonds convertible into shares of SCN Bank, which will be the first phase of a complete divestment process.

As from 2011 the Bank will not pay interest on preference shares, which has caused unrest and upset among shareholders.

The Bank of Spain was forced to take control of the entity last September, by means of extending the FROB fund, by which the NCG Bank is now 93% owned by the state.

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