MADRID (Reuters) – Banco Financiero y de Ahorros (BFA), parent of nationalized Bankia also said Tuesday that the Bank of Spain had approved his request to waive own banking license to operate in compliance with the commitments by the entity in its restructuring plan.
The actual banking business BFA-Bankia group is clustered in Bankia, while BFA – which now becomes only a holding company that owns its stake in Bankia and debt portfolios – passes now called BFA holding company.
“This change has no implications on the creditworthiness of Bankia, its legal status, its business or the relationship Bankia has with its customers,” Bankia said in a statement.
The board of BFA had already submitted in December 2013 its request for waiver of the banking license.
The State maintained through the FROB just over 61 percent in Bankia has refocused the attention of the market after the irregularities recently revealed by two independent experts from the Bank of Spain on the IPO in 2011 and the reformation of accounts with accounting errors.
The report of the independent expert took the executive committee of the Bank of Spain to release a statement to defend the actions of the institution in relation to the constitution of BFA-Bankia group after the Minister of Economy accuse the institution to look away in the process of IPO in 2011.
Since Bankia, its president said recently that the BFA group had sufficient resources to cover any claims for errors in the output a bag without requesting additional state aid.
The spin given by the lengthy investigation in court on Bankia IPO could boost demands of up to 3,000 million euros and endanger some of the future plans of the organization.
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