28/08/2014 – El Economista
Bankia accelerates its divestment plan. Sources from the entity assure that if the market circumstances permit, the bank will eagerly sell its majority stakes at Mapfre, Metrovacesa and Realia in 2014.
The sales process of Realia, where the bank holds a 24.95% stake, is already ongoing and offers are being reviewed. In case of Mapfre, Bankia saved only 1% out of the 15% holding inherited from Caja Madrid. Compromise with Brussels obliges it to sell the industrial portfolio before 2016.
Meanwhile, the entity can put up for sale 50% of Globalvia and transfer several minority stakes in small companies.
In total, the strategic plan of the group chaired by Jose Ignacio Goirigolzarri assumes selling a €50 billion worth of assets before the end of 2015.
The calculations do not take into account Bankia‘s affiliate in the U.S.A., the City National Bank of Florida. The biggest revenues proceeded from the sale of the entity´s 4.94% share at Iberdrola (€1.53 billion), a 12% stake at Mapfre (€979.4 million) and a 12.09% one at IAG, merger of Iberia and British Airways (€675 million).
Apart from that, the bank got rid of stakes at: Indra (20.14%), NH Hoteles (12.06%), Inversis Banco (38.48%) making €615.8 million for all, as well as a 16.5% holding at Deoleo and Bankia Bolsa.
Original article: El Economista
Translation: AURA REE