Bankia will return 1,500 million euros to shareholders upon request – 7dias.com.do

MADRID .- The Spanish bank Bankia will return some 1,500 million euros (1.673 million dollars at current exchange rates) to 200,000 small investors who bought shares when it went public in July 2011, a process which 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 of the company, 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 of shares and real.

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

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

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

from it are excluded from large institutional investors who attended the offer because, as noted by the Supreme Court, these had more means to know the status of the entity.

also eligible for this measure those who were directors and executives of Bankia at the time of the IPO.

the Spanish bank 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, is being investigated for alleged fraud and false accounting, as well as misuse of fiscally opaque cards for its officers.