Today’s market chatter in Spain


“Our aim is to entirely give it back,” Mr Goirigolzarri said. Today, he expectes preferential shareholders not to catch the attention in the meeting in Valencia (as he remembers how nasty the assembly turned out last year) because 800 out of 1,200 investors attending then have already resorted to arbitration.

The current situation is different since Bankia had benefits in 2013 and the Spanish government has recently sold 7.5 % of its capital. The company wants to get some  love from the markets (noticed in the first package sale) and boost its image before the shareholders meeting. Besides, Mr Goirigolzarri tried to persuade them with arguments stressing that the fears from the past are gone and the entity’s balance sheet is strong. Its quota in investment funds has increased as well as credit for businesses.

Corporate headquarters will remain in Valencia as 20% of income comes from this region. Bankia’s chairman didn’t reveal any timing for the State’s share sale.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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