Bancaja
 |
|
| Sociedad Anónima | |
| Traded as | BMAD: BKIA |
| Industry | Financial services |
| Founded | 3 December 2010 |
| Headquarters | Madrid and Valencia, Spain |
|
Area served
|
Spain |
|
Key people
|
José Ignacio Goirigolzarri (Executive Chairman) José Sevilla (CEO) |
| Products | Retail banking, corporate banking, investment banking, private banking, asset management, finance and insurance |
| Revenue |
 € 3.166 billion (2016) |
| Profit |
€ 804 million (2016) |
| Total assets |
€ 190.167 billion (2016) |
| Owner | Spanish Government (64%) |
|
Number of employees
|
13,505 (2016) |
| Website | www |
Bankia (Spanish pronunciation: [ˈbaŋkja]) is a Spanish bank that was formed in December 2010, consolidating the operations of seven regional savings banks. As of 2012, Bankia is the fourth largest bank of Spain with 12 million customers. Formerly a private bank, it was partially nationalized by the government of Spain in May 2012 due to the near collapse of the institution. In addition to the financial problems, the new management had to deal with controversies related to former managements. The bank is organised into six business areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Investees. Bankia is listed on the Bolsa de Madrid and is a constituent of the IBEX 35.
Bankia was formed on 3 December 2010 as a result of the union of seven Spanish financial institutions, with major presence in their areas of influence. The merger of the seven savings banks, known as 'cold fusion', took only four months, with the integration contract being signed on 30 July 2010.Caja Madrid, which is itself owned by the government of the Community of Madrid, holds controlling interest. The distribution of shares was as follows:
After the merger, Bankia was initially owned by a holding company Banco Financiero y de Ahorros (BFA), and the seven banks controlled BFA. The most toxic assets from the banks were transferred to BFA, which obtained 4.5 billion euros from the Spanish government rescue fund FROB in exchange for preference shares with an annual interest rate of 7.75%, maturing in 2015. In 2011 Bankia offered shares to the public in an IPO. Investment bankers found little interest in the IPO among international institutional investors. Strategy shifted to selling the stock domestically with 98% of the initial 3.1 billion euros raised by domestic sales of shares.
Shares of Bankia began trading on the Bolsa de Madrid on 20 July 2011, under the symbol BKIA, and was listed in the IBEX 35.
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Wikipedia