The Government will extend until 2019 the deadline for the privatization of Bankia – Investing.com Spain

MADRID (Reuters) – The Spanish government is preparing to approve on Friday an extension of time to divest in Bankia (MK:) until the end of 2019, two years longer than the deadline initially set, ” said a Government source.

The decision has been made, according to the source said, “to avoid being limited by deadlines and try to maximize the return on aid”.

In the framework of the credit that was awarded the european partners to Spain to rescue its financial sector, the group BFA-Bankia has received a total of 22.424 billion euros in public aid.

The state Fund for Orderly Bank Restructuring (FROB) is the owner of 64 percent of the entity after the rescue with public money in 2012 and the Government had introduced in December 2017 deadline to move out of your capital.

Bankia, which capitalizes on today about 9.700 million, accumulating in the year a cut stock of 20.86 percent.

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