Tuesday, March 15, 2016

Gonzalo Morales // SPAIN: Preferred and Bankia IPO cost the taxpayer 3,835,000 – EntornoInteligente

Five Days / The chairman of Bankia, Jose Ignacio Goirigolzarri, announced today that the company has already repaid 358 million euros to customers who acucieron the Public Offering (PAHO) shares and have chosen the solution given by the entity.

During his speech to the shareholders meeting held in Valencia, Goirigolzarri explained that according to the latest data (from March 11), customers they had submitted a total of 125,415 requests to recoup their investment. Of this amount, 76,443 had been settled last Friday, representing 61% of those requested.

According to data provided by the banker, between what Bankia had to pay to preferentistas after arbitration which took place in 2014, and which provides return now to the small shareholders who attended the OPS of the institution in July 2011, the group re-enter both savers 4,100 million euros. Of these, 3,835 million will come from state coffers through the FROB, owner of BFA (head of Bankia) and owner of 64% of Bankia.

According to calculations of the group, Bankia will return 1,400 million 1,500 million to 200,000 small shareholders of the entity that participated in the IPO of the bank. This figure includes the costs and interest of 1% reenters these investors as compnsación by more than four years have passed since held PAHO.

Bankia already decided at the end of the year increase its provision for this purpose to 1.840 million, it ie additional 1.060 million. Of these amounts, Bankia takes over 40% and BFA 60%, falling the first loss in the listed bank.

For now, however, minority have requested only 24% of the money provided by the dome of the entity. Sources of the organization justify this low claim money, despite high on the number of shareholders have been holders with less investment (an average of 5,000 euros) the first who attended the devolution process launched by the institution on 18 February, and will be in force until May 18.

Gorigigolzarri reported that the medium-term management applications being 9.3 days, compared with about 15 days committed by the entity. “The acceptance of our offer by small investors is still excellent,” the chief executive of the bank welcomed. In addition, Goirigolzarri argued that the solution offered by the institution is “free, simple, fast and absolutely transparent”.

The bank president said that these figures show “the extraordinary degree of acceptance of our offer to small investors and the responsiveness and speed of teams Bankia throughout the settlement process “

the bank president said that some investors have been offered when they had already begun the prosecution of their case, those invited to go to the offices of Bankia “to understand the process, because I know that there have been mixed messages that do not correspond to reality”. “Our process is free, transparent and the decision by the client has an immediate payment of the amount”. At this point, said the lawyers who are defending those small investors who, in accordance with the applicable ethical principles, “inform their customers about the alternative proposed by Bankia reliably, as I know that many are doing.”

Goirigolzarri also reported that the company has already signed agreements with a “significant” number of offices to paralyze 10,000 cases prosecuted, “in order to preserve the best interest of small investors”. Bankia received public aid 22424000

SPAIN. Preferred and IPO of Bankia cost the taxpayer 3835000

Information Five Days

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