IPO de­layed.

Kathimerini English - - BUSINESS & FINANCE -

Bankia SAU, the com­mer­cial lender formed from a merger of Span­ish sav­ings banks, will de­lay reg­is­ter­ing its ini­tial pub­lic of­fer­ing prospec­tus un­til next week, said a per­son with knowl­edge of the mat­ter. The stock mar­ket reg­u­la­tor has asked for ad­di­tional in­for­ma­tion and the lender wants to add ex­tra de­tails be­fore reg­is­ter­ing the prospec­tus on Mon­day or Tues­day rather than yes­ter­day, said the per­son, who de­clined to be iden­ti­fied be­cause the de­ci­sion isn’t pub­lic. The lender still aims to start trad­ing in Madrid in mid-July, the per­son said. Bankia, a lender with 272 bil­lion eu­ros ($392 bil­lion) in as­sets, is at­tempt­ing to raise cap­i­tal from equity in­vestors at a time when concern about a pos­si­ble de­fault by Greece and mount­ing bad loans linked to do­mes­tic real es­tate have driven up bor­row­ing costs for Span­ish banks and the state. Bankia, which has taken 4.5 bil­lion eu­ros from a gov­ern­ment bailout fund, will need an­other 1.8 bil­lion eu­ros to meet new min­i­mum cap­i­tal rules if it lists its shares and 5.8 bil­lion eu­ros if it doesn’t. A Bankia spokes­woman said she couldn’t com­ment on the IPO plans.


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