The nationalized Spanish bank Bankia has started to follow the road map that it received from the European Commission, who wants to recapitalize the bank through divesting of industrial investments and stocks. Yesterday, Bankia announced that it would sell a 12.09% stake in IAG to a group of institutional investors, earning 695 million euros in the deal.
Smartly, Bankia is not super-focused on who the investors are located or if the money will come from or stay in Spain.
The most important aspect of the deal is to get the best price possible and trim down Bankia's portfolio as soon as possible. Now is not the best time to make a sale, but Bankia's housecleaning is a major priority that needs to be taken care of sooner rather than later.
