Block bankers renew Bankia bids

28 May 2012

The €19bn restructuring of Bankia, announced over the weekend, could help speed up the unwinding process of cross-shareholdings in Spain. Bankia marked its listed equity holdings to market which might make it a more enthusiastic seller — though for some, block sales are a sideshow compared to potential capital raises across the Spanish financial system.

Bankia and parent BFA took a €1.6bn write-down on their listed equity holdings as part of the €19bn restructuring exercise. That may make the institution more willing to sell its stakes in Iberdrola, Mapfre, Indra Sistemas and International Airlines Group.

It owns 224m IAG shares, 12.1% of the company, ...

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