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 portfolio of 335 million in developer loans and 419 foreclosed assets

October 20, 2014 at 05:49 am EDT

The sale will reduce the Group's doubtful loans by €320 million
The transaction is beneficial in terms of liquidity and capital since the loans are highly provisioned

The BFA-Bankia Group has signed an agreement to sell a €335 million portfolio of real estate developer loans, of which €226 are secured against property.

The sale, which is beneficial in terms of liquidity and capital due to the provisions already made for these loans, will reduce the Group's doubtful loans by €320 million.

In addition to the loan portfolio, the bank has also included foreclosed assets for the first time in a transaction of this kind, divesting a total of 419 units.

In order to maximise the price obtained for the portfolios, the sale was a competitive tender among institutional investors and leading financial institutions, resulting in the complete transaction being awarded to Chenavari Investment Managers. Chenavari was advised by Ashurst for legal matters and Finsolutia for financial advice and management services, while Bankia engaged PwC and Baker & McKenzie for financial and legal advice, respectively.

The bank continues to make progress in its Strategic Plan 2012-2015, which includes a commitment to divest all non-core assets.

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Latest news about Bankia SA

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Bankia, S.A.(BME:BKIA) dropped from FTSE All-World Index	21-03-30	CI

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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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