MADRID, Dec 24 (Reuters) – The Spanish authorities has prolonged the deadline to promote its 17.3% stake in Caixabank (CABK.MC), value some 5 billion euros ($5.3 billion) at present market costs, by two years to the top of 2025, saying it aimed to get one of the best worth for the holding.
“This extension goals to make sure higher effectivity in the usage of public sources, maximising the restoration worth of the State’s stake and thus responding to the final word objective of defending the final curiosity,” it stated in an announcement.
That is the fourth extension to the federal government’s self-imposed deadline to promote its stake within the financial institution, the nation’s greatest lender by home belongings.
Caixabank accomplished its 4.3 billion euro ($5.2 billion) acquisition of state-owned Bankia in March 2021, creating Spain’s greatest home financial institution with greater than 650 billion euros in belongings.
The federal government bailed out Bankia in a 22.4 billion euro rescue in 2012 on the top of Spain’s monetary disaster.
With the sale of its stake in Caixabank, Spain seeks to recuperate the general public cash used to shore up Bankia’s funds on the time.
Final yr, Financial system Minister Nadia Calviño stated the federal government was “in no hurry” to dump its holding in Caixabank.
($1 = 0.9422 euros)
Reporting by David Latona; Modifying by David Holmes
: .