Bankia sells off unsecured loans

LAST UPDATED: 17 Nov, 2014 @ 10:54
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Bankia sells off unsecured loans

BANK lender Bankia has unloaded millions of euros worth of unsecured loans to two global asset management schemes.

American firms Bain Capital and Starwood Capital purchased €800 million worth of unpaid loans as the Spanish lender attempted to balance its books.

Bankia was formed in 2010 when seven savings banks merged following the economic crisis. The group was nationalised in 2012 after receiving a €19 billion government bailout, the largest bank bailout ever in Spain.

 

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