shares in spain\s bankia to resume trading
Last Updated : GMT 00:17:40
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Shares in Spain\'s Bankia to resume trading

Arab Today, arab today

Arab Today, arab today Shares in Spain\'s Bankia to resume trading

Madrid - AFP

Shares in Spain\'s troubled Bankia, which has asked for a 19-billion-euro ($24 billion) bailout from the government, will resume trading on Monday, the stock exchange authority said. Shares in Bankia were suspended on Friday, shortly before it announced it made a loss of three billion euros in 2011 and was seeking the government aid. The CNMV exchange authority said that \"adequate information\" had now been provided to the public about Bankia, the country\'s fourth largest bank. The 19 billion euros is in addition to aid of 4.5 billion euros announced on May 9 in the form of a loan convertible into shares, bringing the total possible state funding for Bankia to 23.5 billion euros. This would make it the biggest rescue in the history of Spanish banking. \"I am certain that the Spanish state will obtain the financing so we will receive the 19 billion euros. That\'s the commitment,\" Bankia\'s president Jose Ignacio Goirigolzarri told a press conference on Saturday. The funding would be part of a recapitalisation plan which the bank\'s board approved on Friday and is backed by the government and the Bank of Spain. Goirigolzarri said that after the recapitalisation, Bankia would be \"solid, efficient and profitable\".

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