On 28 February 2014, Spain sold a 7.5% stake in Bankia for €1.3 billion. Further divestment was expected for 2014 under the rescue programme, but did not happen. For inquiries related to this message please contact our support team and provide the reference ID below. Please declare your traffic by updating your user agent to include company specific information. On 23 February 2016, Fitch raised Bankia’s rating to “BBB-“, restoring the bank’s rating to investment grade. On 8 September, Bankia announced that it was included in the Dow Jones Sustainability Index with a score of 84 out of 100.
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In addition to the financial problems, the new management had to deal with controversies related to former managements. A number of limitations were imposed as a result of having received state aid. Shareholders hire razor pages developers had to share part of the burden of the capital injection, the balance sheet had to be reduced, dividends were restricted until 2014, and both the branch network (-39%) and workforce (-28%) had to be reduced.
The shares of Bankia began trading on the Bolsa de Madrid on 20 July 2011, under the symbol BKIA, and the bank was listed in the IBEX 35. On 27 June 2017, Bankia agreed to acquire state-owned bank BMN for €825 million in an all-stock deal. BMN was the result of the merger of the savings banks Caja Murcia, Caja Granada and Sa Nostra.
BFA Tenedora de Acciones
CreditRiskMonitor is a financial risk analysis and news service for credit, supply chain and financial professionals. Our strength in coverage spans 58,000 global public companies, totaling about $70 trillion in corporate revenue. We also offer solutions that can help ease private company financial risk assessment. Where indicated by “Yes,” CreditRiskMonitor contains this information in its extensive database. To get access to the full report and learn more about CreditRiskMonitor’s robust financial risk analysis and timely news service, request a personalized demo and free trial today. After the merger, Bankia was initially owned by the holding company Banco Financiero y de Ahorros , and the seven banks controlled BFA.
The bank is aware of lawsuit claims totalling €819 million and has set aside €1.84 billion in provisions for claims. On 17 February 2016, the bank announced it would fully compensate minority shareholders who participated in the IPO in exchange for returning their shares to the bank. They will receive 100% of their investment plus 1% compensatory interest per annum. On 7 July 2015, Bankia paid the first dividend in its history €0,0176 per share. On 16 October, Bankia completed the sale of City National Bank of Florida for $883 million to Chilean bank BCI.
At the end of 2015, Bankia had fulfilled two years ahead of schedule all the targets set by the European Commission in the BFA-Bankia Group Restructuring Plan. The bank also reported the best efficiency, solvency and profitability among the six largest Spanish banks. On 25 May, it was reported that Bankia SA had negotiated a further state guarantee, marking another rise in the euro hungarian forint exchange rate history cost of a drawn-out rescue. Bankia also revised its earnings statement for 2011, stating that instead of a profit of €309 million, it had in fact lost €4.3 billion before taxes, and asked for 1.4 billion fiscal credit to reduce its loss. The New York Times described the increasing bailout as making Spain one of the new focal points of the European sovereign-debt crisis.
- The New York Times described the increasing bailout as making Spain one of the new focal points of the European sovereign-debt crisis.
- In response to growing concerns, Standard & Poor’s downgraded its rating of Bankia’s creditworthiness to BB+, making it a junk bond.
- In addition to the financial problems, the new management had to deal with controversies related to former managements.
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- BFA is the main shareholder of Bankia S.A., with approximately 65.8% of Bankia’s share capital.
- The merger would create the biggest domestic bank in Spain with assets of €650 billion.
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In response to growing concerns, Standard & Poor’s downgraded its rating of Bankia’s creditworthiness to BB+, making it a junk bond. On 10 May, the Spanish government said it would convert its preference shares in BFA into voting shares, giving it a controlling stake of 45% in Bankia. On 25 May, trading in the shares was suspended at Bankia’s request. Bankia was created through the merger of seven savings banks (Caja Madrid, Bancaja, La Caja de Canarias, Caja de Ávila, Caixa Laietana, Caja Segovia and Caja Rioja), each a market leader in their respective region of influence. By using this site, you are agreeing to security monitoring and auditing. The joint merger plan will be submitted for approval at the banks’ respective shareholders meetings in November.
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- In 2021, the bank merged with CaixaBank to create a new entity but preserving the name of the latter.
- He gathered more than 600,000 signatures in 2 months, asking banks and other institutions to serve all citizens, and not discriminate the oldest and most vulnerable members.
- BFA Tenedora Acciones is a financial institution and is the holding company for Bankia, S.A. The entity was created in 2015 after Banco Financiero y de Ahorros was converted into holding company.
- The bank is aware of lawsuit claims totalling €819 million and has set aside €1.84 billion in provisions for claims.
In January 2022, Carlos San Juan de Laorden, a retired urologist from Valencia with Parkinson’s disease started an online petition for more human customer care at bank branches. At a malfunctioning ATM a sign informed customers that they could only be seen with appointments, but no appointments could be made by phone. He gathered more than 600,000 signatures in 2 months, asking banks and other institutions to serve all citizens, and not discriminate the oldest and most vulnerable members. In Spain, the number of bank branches had shrunk to about 20,000 in 10 years since the bailout of 2012, and with the Coronavirus pandemic another 3000 branches closed in less than 2 years pushing online banking. Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users. BFA Tenedora Acciones is a financial institution and is the holding company for Bankia, S.A. The entity was created in 2015 after Banco Financiero y de Ahorros was converted into holding company.
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Morningstar categories help investors and investment professionals make meaningful comparisons between funds. The categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio. Bankia sold around €5 billion in complex financial products such as preference shares and subordinated debt to customers.
BFA Tenedora de Acciones S.A.U. (formerly Banco Financiero y de Ahorros, S.A.U.) is a financial institution created on December 3, 2010. BFA is the main shareholder of Bankia S.A., with approximately 65.8% of Bankia’s share capital. For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. To explore BFA Tenedora Acciones‘s full profile, request access.