Bankia, a company founded when seven struggling savings banks merged, has shown a record loss in 2012 causing analysts to wonder if the bank’s collapse is imminent.
Bankia’s losses for 2012 totaled $25.2 billion U.S. dollars. Continue reading
Tag Archives: Bankia
Spanish Bank Found To Have Negative Value
Bankia, one of the largest banks in Spain, has been found to have a negative net worth sending stocks tumbling almost 20%.
Spanish officials say the bank has been assessed with a negative $4.2 billion euro balance ($5.6 billion U.S.) and their parent company BFA with a negative $10.4 billion euro deficit. Continue reading
Spanish Bank’s Shares Suspended Amid Bailout Reports
Bankia, Spain’s fourth-largest bank, has suspended trading of its shares as the board of directors plans to reformulate accounts for 2011 and then ask the government for a bailout of more than 15 billion euros.
The bank was partly nationalized two weeks ago and had the government inject 4.5 billion euros into the bank. Continue reading
Spanish Bank Shares Plummet Amid Fears
Shares in the Spanish bank, Bankia, were down 14% after reports about the struggling bank’s finances.
The bank denied reports that customers had withdrawn over 1 billion euros from various accounts. The bank is set to be part-nationalized.
A Royal Bank of Scotland spokesman said that the problem is that the Spanish government cannot bear all the weight of the banks in Spain should they all fail at the same time. Continue reading
