Inactive Instrument

Bankia SA BME

Equities

ES0113307021

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2021	Mapfre Sells 51% Bankia Vida Stake to JV Partner Caixabank in $648 Million Deal	MT
2021	CaixaBank S A : Capital Buffer to Rise Following Bankia Merger	MT

Bankia : BFA-Bankia sells 1.206 billion euro real estate-related loan book

September 28, 2015 at 06:50 am EDT

Deal sees Bankia's NPL book decreasing by 876.5 million euros

The BFA-Bankia has closed the sale of a real estate-related loan book with a total value of 1.206 billion euros, 986.8 million euros of which is secured by rem collateral.

The deal sees Bankia's NPL book decreasing by 876.5 million euros, with BFA's NPLs shrinking by just under 2 million euros.

During the first six months of the year, Bankia has pared down its NPL book by 1.239 billion euros, with an accumulated decrease of over 4.7 billion euros since year-end 2013.

The sale was brokered through a competitive process involving institutional investors and financial institutions, with Bankia taking financial advice from KPMG and legal advice from Baker & McKenzie.

The loan book has been sold to two entities: Chenavari Investment Managers (which received financial advice from Ashurst and financial advice and management services from Copernicus), and Oaktree Capital Management (obtaining legal advice from Cuatrecasas and financial advice from Finsolutia and Hipoges).

This sale is another milestone in fulfilling the 2012-2015 Strategic Plan, which includes the commitment to divest non-core assets.

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Company Profile

Bankia, S.A. is a banking group organized around three areas of activity: - retail banking (63.5% of Net Interest Income): sales of standard and specialized banking products (consumer credit, insurance, etc.); - business banking (19.7%); - other (16.8%). At the end of 2019, the group was managing EUR 124.8 billion in current deposits and EUR 117.4 billion in current loans. Products and services are marketed via a network of 2,275 branches located in Spain.

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