Bankia () was a Spanish
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
company that was formed in December 2010, consolidating the operations of seven regional
savings banks
A savings bank is a financial institution whose primary purpose is accepting savings deposits and paying interest on those deposits.
They originated in Europe during the 18th century with the aim of providing access to savings products to all ...
, and was partially
nationalized
Nationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to pri ...
by the
government of Spain
gl, Goberno de España eu, Espainiako Gobernua
, image =
, caption = Logo of the Government of Spain
, headerstyle = background-color: #efefef
, label1 = Role
, data1 = Executive power
, label2 = Established
, da ...
in May 2012 due to the near collapse of the institution.
As of 2017, Bankia was the fourth largest bank in Spain with total assets of €179.1 billion.
In 2021, the bank merged with
CaixaBank
CaixaBank, S.A. (), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Madrid and Barcelona, Spain. It is Spain's third-largest lender by market value, aft ...
to create a new entity but preserving the name of the latter.
History
Formation and IPO
Bankia was formed on 3 December 2010, as a result of the union of seven Spanish savings banks that had a major presence in their historical core regions. The merger of the seven banks, known as 'cold fusion', took only four months, with the integration contract being signed on 30 July 2010.
Caja Madrid
Caja Madrid, formally the Caja de Ahorros y Monte de Piedad de Madrid, headquartered in Madrid,Inicio
." C ...
, which was itself owned by the government of the
Community of Madrid
The Community of Madrid (; es, Comunidad de Madrid ) is one of the seventeen autonomous communities of Spain. It is located in the centre of the Iberian Peninsula, and of the Central Plateau (''Meseta Central''). Its capital and largest munici ...
, held controlling interest. The distribution of shares was as follows:
* 52.06%
Caja Madrid
Caja Madrid, formally the Caja de Ahorros y Monte de Piedad de Madrid, headquartered in Madrid,Inicio
." C ...
* 37.70% Bancaja
* 2.45% La Caja de Canarias
* 2.33% Caja de Ávila
* 2.11% Caixa Laietana
* 2.01% Caja Segovia
* 1.34% Caja Rioja
After the merger, Bankia was initially owned by the holding company Banco Financiero y de Ahorros (BFA), and the seven banks controlled BFA. The most toxic assets from the banks were transferred to BFA, which obtained €4.5 billion from the Spanish government rescue fund
FROB
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