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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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