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,