Spain sells £1bn stake in Bankia
THE SPANISH government last night announced a sale of a 7.5 per cent stake in Bankia, the lender it bailed out in 2012 after the country’s property market crash and sustained recession.
The stake is worth €1.3bn (£1.1bn) at last night’s closing share price.
After the sale the government will still control the bank, holding a 61.5 per cent stake in the lender.
UBS is running the book on the sale, and will tap up institutional investors in an accelerated book build.