Spain’s stricken Bankia expects to sell off its vast portfolio of industrial holdings, that includes a stake in the parent company of British Airways and Iberia.
Jose Ignacio Goirigolzarri, who took over as president of Bankia earlier this month, outlined plans a day after it emerged Spain’s fourth largest saving bank would need a bail-out fund of a further €19bn (£15bn) from the government. Bankia would be “solid, efficient and profitable” after the recapitalisation Mr Goirigolzarri said, adding that the government and Bank of Spain fully backed the plan. Bankia’s parent company owns holdings in several Spanish blue-chip companies including the NH chain, energy company Iberdola and Indra Sistemas. It is also the majority stakeholder in International Consolidated Airlines Group (IAG), which has owned BA and Iberia since the airlines merged in January 2011.
Mr Goirigolzarri talked of the possibility of Bankia selling down such assets in the near future and said that its value has been adjusted to reflect current market valuations.