© Reuters. FILE PHOTO: CaixaBank’s brand is seen on high of the corporate’s headquarters in Barcelona, Spain, September 17, 2020. REUTERS/Albert Gea
MADRID (Reuters) -The Spanish authorities is in no rush to promote its 16% stake in Caixabank, Economic system minister Nadia Calvino mentioned in an interview with Spanish newspaper Enlargement.
“We’re in no hurry to take action,” Calvino mentioned within the interview revealed on Monday, when requested when the state deliberate to dump its holding in Caixabank.
Caixabank accomplished its 4.3 billion euro ($5.2 billion) acquisition of state-owned Bankia in March, creating Spain’s largest home financial institution with greater than 650 billion euros in belongings. The federal government was left with a 16.12% stake within the merged financial institution following the acquisition.
“It’s a very well-managed establishment and after finishing the consolidation course of, which has been excellent for the Spanish monetary sector, we’ve no plans on the horizon or intention to divest the state’s stake,” Calvino mentioned.
The federal government bailed out Bankia in a 22.4 billion euro rescue in 2012 on the top of Spain’s monetary disaster.
Simply earlier than the financial institution’s takeover by Caixabank was formally authorized, the federal government gave itself an additional two years, till the tip of 2023, to promote its stake in Bankia and get well public cash used to shore up the lender’s funds.
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