Bankia throws in the towel for depositors
BUST Spanish lender Bankia is trying to lure deposits by offering customers an “exclusive” Spiderman-themed beach towel, a development that has failed to stem the freefall in its share price, which dropped another 8.8 per cent yesterday.
The bank, which is to become around 90 per cent owned by the Spanish government when it receives a €19bn bailout, has launched a promotional offer to young customers in an attempt to draw deposits.
“You will have to increase €300 the balance of your Cuenta Joven [account] in order to be able to run away with the exclusive towel of Spider-Man,” it says on its website, under the title “It enters Bankia and it discovers your superpowers”.
Meanwhile, the European Central Bank denied yesterday that it had slapped down a proposed bailout plan from the Spain to recapitalise Bankia with government bonds and swap them for ECB cash.
Instead, European Commissioner Olli Rehn indicated support for the Eurozone’s bailout fund to rescue banks.