Spain: The government is in no hurry to sell its stake in Caixabank

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The Spanish government is in no hurry to sell its 16% stake in Caixabank, Economy Minister Nadia Calvino said in an interview with Expansion newspaper.

“We are not in a hurry to do that,” he said in an interview published today when asked if the government plans to release its stake in Caixabank.

The Spanish bank completed its acquisition of state-owned Bankia for 4.3 billion euros in March, creating Spain’s largest domestic bank with more than 650 billion euros in assets.

The government was left with a 16.12% stake in the merged bank after the acquisition.

“It is a very well-expanded business and after the completion of the consolidation process, which was very good for the Spanish financial sector, we have no plans on the horizon or any intention to sell the percentage of the state,” Calvino said.

The government rescued Bankia with 22.4 billion euros in 2012, at the height of the Spanish financial crisis.

Before its acquisition was officially approved by Caixabank, the government gave itself two years, until the end of 2023, to sell its stake in Bankia and recover the public funds it used to stimulate the bank’s finances. .

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Source From: Capital

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