Inactive Instrument

Bankia SA BME

Equities

BKIA

ES0113307039

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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 SA : BFA-Bankia begins last phase of recapitalisation

April 17, 2013 at 02:50 pm EDT

MarketScreener.com By The editorial team

The nominal value of Bankia's current shares is being reduced from two to 0.01 euros.
A 100x1 reverse split will be carried out to bring the nominal value of each share to one euro and raise the value of the shares without affecting the investment volume.
The exchange of hybrid instruments is mandatory and independent of the arbitration process.

The BFA-Bankia Group is putting the last phase of the Bank's recapitalisation into motion. This phase includes reducing the value of the current shares, followed by a reverse share split, redemption of the contingent convertible bonds issued by Bankia and subscribed by BFA and swap of hybrid instruments for shares.

The Governing Committee of the Fund for Orderly Bank Restructuring (FROB) has adopted the requisite resolutions to implement these measures. Bankia will increase its capital by approximately €15,540 million.

The nominal value of Bankia shares will, in step one, be reduced from the present two euros to 0.01 euros. This will be followed by a reverse split of 100 old shares for every new share to leave the nominal value at one euro. All leftover share fractions will be acquired by BFA.

This coming Monday, 22 April, will be the first stock market trading day for the Bankia shares after the reverse split. Today's closing price of 0.172 per share of the bank indicates a share price of 17.20 euros after the reverse split, with no change in the value of the investment.

This will be followed by two simultaneous capital increases. The first will be used to substitute the contingent convertible bonds in issue with a capital increase of €10,700 million to be carried out by Bankia and subscribed by BFA. This increase will be done with preferential subscription rights for the current shareholders of Bankia and be wholly underwritten by BFA.

The second will be done by swapping hybrid instruments for shares of Bankia and involve approximately €4,840 million. The exchange is mandatory and independent of the arbitration procedure for holders of the hybrid instruments

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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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