Spain: Bankia Shares Suspended Ahead of Rescue Details
May 25th, 2012Via: Reuters:
Shares in Spain’s fourth-biggest lender Bankia SA were suspended on the Madrid stock exchange on Friday, ahead of an evening announcement when the bank is expected to ask the state for a rescue of more than 15 billion euros (12 billion pounds).
The government is in the process of nationalising Bankia, which holds some 10 percent of the country’s bank deposits, after it was unable to raise enough capital to cover heavy losses from loans to property developers during a building boom that crashed in 2007-2008.
Update: Bankia Group to Seek EU19 Billion From Government to Restructure
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