Important entrepreneurs and firms in Spain are buying shares of Bankia. Many of the wealthiest Spaniards were on the list of people who invested in the company: the Koplowtiz brothers, Amancio Ortega, Manuel Jove, the Entrecanales, Juan Miguel Villar Mir and the Del Pino family. In addition to the standout family office investors, large companies such as Santander, Mapfre, Mutua Madrileña, Corte Inglés and the new Iberia (IAG) bought shares.
According to sources from these companies, the transaction costs were significant, but no more than 3%.
Spanish law watches these amounts closely and sometimes publishes them in a publication of the Comisión Nacional del Mercado de Valores (CNMV), the Spanish equivalent of the United States´ Securities Exchange Commission (SEC).
For legal reasons neither Bankia nor any of the shareholders wanted to provide any comments to this effect.
According to the same sources, Mapfre bought a sizable holding in Bankia. Mapfre?s involvement is worth highlighting,. The company purchased 15% of the Bankia security and both firms maintain a strategic alliance. elEconomista had predicted that Mapfre would invest in Bankia at a fee less than 3%.
The Bankia IPO happened at a moment of serious doubt and turbulence in the markets. The deal has been viewed as an indicator for the stability of the Spanish economy and financial sector.
So what if most of the investors are from Spain (74%) and few are from foreign countries (26%)? The Spaniards have invested 900 million euros in their own future. Will the rest of the world join in?
