Ultimatum from the Bank of Spain to Bankia: stop resisting and sell all in...

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The Bank of Spain will not allow Bankia to resist any longer in the sale of its portfolio of industrial investees. He has given an ultimatum to the entity that it has to divest now, even if it is with losses close to 35%, because Brussels demands it as a condition of the bank rescue. El Confidencial Digital has learned from financial sources, the Bank of Spain has demanded that Bankia now sell all its stakes in large listed companies. And do it now, in the coming weeks, without waiting for the stock market to recover or for the best buyers to be found. It will not allow excuses or extensions . Bankia has been resisting Bankia has resisted parting with its business jewels since Rodrigo Rato's time, arguing that the portfolio of investees has lost 35% of its value . He has only made small divestments believing he could buy time. This strategy includes the sale a few months ago, for example, of the 4% it had in Bolsas y Mercado Españolas for 70 million euros.

Order to minimize losses The directors of Bankia 's investees and the parent company BFA, Manuel Galarza and Manuel Lagares , respectively, are already working to make cash as soon as possible. According to the sources consulted, the instructions they have received are to minimize losses. The task is not easy, since the moment on the stock Middle East Mobile Number List  market is bad, what abounds are vulture funds and fortune buyers, who go hunting for bargains with discounts of 30 and 40%. “If we take into account that the portfolio has already lost more than 35% of its value since the crisis that began in 2008, an additional loss of another 30 or 40% is worth thinking twice about,” they explain. There will be no shortage of buyers The financial sources consulted by ECD point out that “Bankia is going to have to do something very painful, hold an auction between buyers, and it has everything to lose because it is a downward auction .



They emphasize that there will be many interested in the sale , since “they are greedy securities of large companies, which in two or three years may be worth double or triple what they are now, but in a bear market you are always on the losing end. Buyers have it in their heads that Bankia is a bank that has been intervened and has to make money no matter what.” Bankia will have to immediately put up for sale 27.6% of Realia , 20% of Indra , 18.6% of Deoleo (formerly Sos Cuétara), 15.75% of NH Hoteles , 12% of IAG (Iberia British Airways), 5.27% of Iberia , 5.27% of Iberdrola , 2% of Sacyr and 1% of BME . The only thing that will be saved from liquidation is 14.9% of Mapfre , since the entity has an agreement with the insurer and cross-shareholdings that oblige it not to get rid of its share package. Let the enemy not bring us into our home At the same time, according to these sources, the president of Bankia, José Ignacio Goirigolzarri , is receiving messages from the investee companies so that he does not sell to vulture funds that could bring undesirable shareholders into their capital.