In the second phase of the creation of the bad bank Iberdrola will join banks and insurance companies in the capital of the company. The company presided over by Ignacio Sánchez Galán will be the first non financial company to join this project. The institution presided over by Belen Romana plans to have own resources equivalent to 8% of the total volume of assets in the company.
After the nearly 400.000 million Euros transferred in the first phase, from the nationalized banks, the bad bank will add around 15.000 million Euros more, and therefore the own resources will be between 4500 and 5500 million Euros after the extension. The capital structure of the bad bank will be split into 75% of subordinate debt and 25% in cash.
There will be 15 banks among the shareholders of the bad bank. Santander (with 17,8%) and Caixabank (12,8%) are two of the main ones. There are also international institutions such as Deutsche Bank and Barclays, as well as four insurance companies. The Fund for the Banking Restructuring (Frob) also holds 43,1% of the bad bank´s capital.
BBVA was the great absentee from the financial sector in the first phase and the market is speculating whether the institution will take advantage of this extension to join the project of the Ministry of Economy.
(…) Sources within the sector explained to Europa Press that it was most probable that BBVA would not end up joining the bad bank. (…)