Spanish authorities in no hurry to promote Caixabank stake, says minister -Growth By Reuters

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© Reuters. FILE PHOTO: The CaixaBank logo will be seen at the company’s headquarters in Barcelona, ​​Spain on September 17, 2020. REUTERS / Albert Gea

MADRID (Reuters) – The Spanish government is in no hurry to sell its 16 percent stake in Caixabank, Economy Minister Nadia Calvino said in an interview with Spanish newspaper Expansion.

“We are in no hurry,” said Calvino in the interview published Monday when asked when the state was planning to sell its stake in Caixabank.

Caixabank completed the € 4.3 billion ($ 5.2 billion) acquisition of state-owned Bankia in March, creating Spain’s largest domestic bank with assets of more than € 650 billion. After the takeover, the state retained 16.12% of the shares in the merged bank.

“It is a very well run institution and, once the consolidation process is complete, which has been very good for the Spanish financial sector, we have no plans or intentions to dispose of the state stake,” said Calvino.

The government bailed out Bankia in 2012 at the height of the Spanish financial crisis with a € 22.4 billion bailout.

Shortly before Caixabank’s takeover of the bank was officially approved, the government gave itself another two years until the end of 2023 to sell its stake in Bankia and reclaim public funds to secure the lender’s finances.

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