Bankia will return 1.5 billion euros to shareholders – El Diario de Yucatán

         

     

MADRID (EFE) .- The Spanish bank Bankia will return some 1,500 million euros (1.673 million dollars at current exchange rates) to about 200,000 small investors who bought shares when it went public in July 2011, in a process with they hope to by trenching a barrage of lawsuits.

in the first two days of the announcement of this measure, a total of 45,149 small shareholders have demanded repayment of the amounts invested in the IPO the entity, as reported by Efe sources of the bank.

 

The Spanish Supreme Court ruled in favor of early February two small investors who bought shares in the IPO of Bankia, which sued the company on the grounds that there was a discrepancy between the figures of the prospectus for the purchase shares and real.

Since last Thursday and for a period of three months, Bankia offers to all small shareholders who participated in the stock market debut of the entity the option to recover 100% of their investment, plus an annual interest rate of 1%, by just filling a form and return for giving up legal proceedings.

is a partially nationalized Bankia entity that emerged in 2011 following the merger of seven Spanish savings banks and soon after, in 2012, received 22,000 million euros of public funds to deal with the financial hole I had.

The company estimates that this proposal could be targeted 200,000 small investors, who recovered about 1,500 million euros (1.673 million dollars at current exchange rates).

from it are excluded from large institutional investors who attended the bid because, as the Supreme Court noted, these possessed more ways to know the status of the entity.

Neither may benefit from this measure those who were directors and executives of Bankia at the time of the IPO.

the Spanish bank it went public in 2011, when it was run by Rodrigo Rato, who is also managing director of the IMF (2004-07) was Minister of Economy and Vice President of the Spanish Government (1996-2004).

Rato, who presided over the institution between 2010 and 2012 and was dismissed when Bankia was partially nationalized, it is being investigated for alleged fraud and false accounting, as well as misuse of fiscally opaque cards for its officers.