s.a. type sociedad an nima traded as bmad bkia industry financial services founded 3 december 2010 2010 12 03 headquarters madrid and valencia spain area served spain key people jos ignacio goirigolzarri executive chairman jos sevilla ceo products retail banking corporate banking investment banking private banking asset management finance and insurance revenue 3.806 billion 2015 profit 1.040 billion 2015 total assets 206.970 billion 2015 owner spanish government 64 % number of employees 13 569 2015 website www.bankia.com bankia s operational headquarters in puerta de europa tower in madrid bankia spanish pronunciation ba kja is a spanish bank that was formed in december 2010 consolidating the operations of seven regional savings banks . 1 as of 2012 bankia is the fourth largest bank of spain with 12 million customers . 2 3 formerly a private bank it was partially nationalized by the government of spain in may 2012 due to the near collapse of the institution . 4 5 the bank is organised into six business areas retail banking business banking private banking asset management and bancassurance capital markets and investees . 6 bankia is listed on the bolsa de madrid and is a constituent of the ibex 35 . contents 1 history 1.1 formation and ipo 1.2 insolvency and state bailout 1.3 restructuring 2012 2015 1.4 since 2015 2 controversies 2.1 ipo misleading 2.2 preference shares 2.3 credit card misuse 3 headquarters 4 references 5 external links history edit formation and ipo edit bankia was formed on 3 december 2010 as a result of the union of seven spanish financial institutions with major presence in their areas of influence . the merger of the seven savings banks known as cold fusion took only four months with the integration contract being signed on 30 july 2010 . 7 caja madrid which is itself owned by the government of the community of madrid holds controlling interest . the distribution of shares was as follows 52.06 % caja madrid 37.70 % bancaja 2.45 % la caja de canarias 2.33 % caja de vila 2.11 % caixa laietana 2.01 % caja segovia 1.34 % caja rioja after the merger bankia was initially owned by a holding company banco financiero y de ahorros bfa and the seven banks controlled bfa . the most toxic assets from the banks were transferred to bfa which obtained 4.5 billion euros from the spanish government rescue fund frob in exchange for preference shares with an annual interest rate of 7.75 % maturing in 2015 . in 2011 bankia offered shares to the public in an ipo . 8 9 investment bankers found little interest in the ipo among international institutional investors . strategy shifted to selling the stock domestically with 98 % of the initial 3.1 billion euros raised by domestic sales of shares . 10 shares of bankia began trading on the bolsa de madrid on 20 july 2011 under the symbol bkia and was listed in the ibex 35 . insolvency and state bailout edit in 2012 bankia was the third largest lender in spain but the largest holder of real estate assets at 38 billion euros . 9 on 7 may 2012 rodrigo rato stepped down as chairman of bankia sa in order to clear the way for a rescue plan that the spanish government hoped would persuade international investors of the country s financial stability . jos ignacio goirigolzarri became the new president . concerns about the value of bankia s assets and the potential for further losses in the future prompted speculation that the spanish government would inject up to 10 billion eur of new capital into the troubled bank . 11 on 10 may the spanish government said it would convert its preference shares in bfa into voting shares giving it a controlling stake of 45 % in bankia . 9 on 25 may trading in the shares was suspended at bankia s request . 12 on 25 may it was reported that bankia sa had negotiated a further 19 billion euro us 23.8 billion bailout marking another rise in the cost of a drawn out rescue . 13 the government had already spent 4.5 billion euros to prop up bankia and the entire rescue was then seen totalling some 20 billion euros . 14 the new york times described the increasing bailout as making spain one of the new focal points of the european sovereign debt crisis . 15 bankia also revised its earnings statement for 2011 stating that instead of a profit of 309 million euros it had in fact lost 4.3 billion euros before taxes and asked for 1.4 billion fiscal credit to reduce its loss . 12 16 in response to growing concerns standard & poor s downgraded its rating of bankia s creditworthiness to bb making it a junk bond . 13 restructuring 2012 2015 edit a number of limitations were imposed as a result of having received state aid . shareholders had to share part of the burden of the capital injection the balance sheet had to be reduced dividends were restricted until 2014 and the branch network 39 % and workforce 28 % had to be reduced . 17 on 28 february 2014 spain sold a 7.5 % stake in bankia for 1.3 billion realizing a 138 million profit . the shares were sold at 1.51 euros each . the government needs a share price above 1.35 euros per share to sell its stake at a profit . 18 on 7 july 2015 bankia paid the first dividend in its history 1 75 cents per share . on 16 october 2015 bankia completed the sale of city national bank of florida for 883 million to chilean bank bci . this resulted in a net gain of 117 million . 19 at the end of 2015 bankia had fulfilled two years ahead of schedule all the targets set by the european commission in the bfa bankia group restructuring plan . 20 since 2015 edit on 8 september 2016 bankia announced that it was included in the dow jones sustainability index with a score of 84 out of 100 . 21 controversies edit ipo misleading edit on 27 january 2016 the spanish supreme court ordered bankia to reimburse two small investors for misleading them during its 2011 ipo . the court said that the prospectus for its public stock offering had contained serious inaccuracies . the bank is aware of lawsuit claims totalling 819 million and has set aside 1.84 billion in provisions for claims . 22 on 17 february 2016 the bank announced it would fully compensate minority shareholders who participated in the ipo in exchange for returning their shares to the bank . they will receive 100 % of their investment plus 1 % compensatory interest per annum . 23 preference shares edit bankia sold around 5 billion in complex financial products such as preference shares and subordinated debt to customers . most of these products suffer enforced writedowns . the bank began an arbitration process in 2013 . 24 credit card misuse edit there is a separate lawsuit against 66 individuals linked to misuse of the company s credit cards . prosecutors are demanding a jail sentence of four and a half years for rodrigo rato former president and six years for miguel blesa former head of caja madrid . documents indicate that the personal spending by executives and directors totaled 15.25 million . 25 headquarters edit the bank has its registered office and address of the subsidiaries in valencia while its operational headquarters are in madrid . it also has a representation office in shanghai . references edit bankia profile . bankia.com . retrieved 17 may 2012 . spain s loss making bankia vows transparency . bbc news . 26 may 2012 . retrieved 26 may 2012 . qui nes somos in spanish . bankia.com . retrieved 26 may 2012 . christopher bjork ; jonathan house & sara schaefer mu oz 25 may 2012 . spain pours billions into bank . wall street journal . retrieved 26 may 2012 . abiven katell 25 may 2012 . spain s bankia seeks record bailout of 19 bn . yahoo news . agence france presse . retrieved 26 may 2012 . s.a. bankia . business areas who we are bankia . bankia . retrieved 2016 03 09 . creation of the bankia group . bankia . bankia . retrieved 9 march 2016 . bankia s ipo float hopes . the economist . 30 june 2011 . retrieved 25 may 2012 . a b c charles penty & emma ross thomas 9 may 2012 . spain takes over bankia readies second bailout after rato quits . bloomberg . retrieved 25 may 2012 . sara schaefer munoz ; david enrich & christopher bjork 11 june 2012 . spain s handling of bankia repeats a pattern of denial . wall street journal . bankia chief quits as spain readies bailout . reuters . 8 may 2012 . retrieved 26 may 2012 . a b bankia shares suspended amid bailout request reports . bbc news . 25 may 2012 . retrieved 25 may 2012 . a b bjork christopher 25 may 2012 . spain to inject 19 billion into bankia troubled lender says . the wall street journal . retrieved 25 may 2012 . spain s bankia seeking 19b in government aid . fox business . reuters . 25 may 2012 . retrieved 25 may 2012 . minder raphael 25 may 2012 . spanish lender seeks 19 billion euros ; ratings cut on 5 banks . the new york times . retrieved 25 may 2012 . m. jim nez 26 may 2012 . las p rdidas antes de impuestos de bankia son de 4.300 millones . el pa s in spanish . retrieved 26 may 2012 . s.a. bankia . strategic plan 2012 2015 strategic plan who we are bankia . bankia . retrieved 2016 02 01 . spain makes small profit on bankia stake sale . reuters . 2014 02 28 . retrieved 2016 03 12 . s.a. bankia . bankia closes the sale of city national bank with a net capital gain of 117 million euros press releases in the news communication bankia . bankia . retrieved 2016 03 10 . s.a. bankia . bfa bankia year 3 report pdf . bankia . retrieved 2016 04 01 . s.a. bankia . bankia recognised as one of the most sustainable companies in the world following its inclusion in the dow jones sustainability index djsi press releases in the news communication bankia . retrieved 2016 09 13 . minder raphael 2016 01 27 . spanish supreme court orders bankia to repay 2 investors in its i.p.o. . the new york times . issn 0362 4331 . retrieved 2016 02 15 . s.a. bankia . bankia begins returning investments to minority shareholders who acquired shares during ipo press releases in the news communication bankia . bankia . retrieved 2016 02 17 . pa s ediciones el 2016 09 23 . barcelona bankia branch faces asset seizure over preferential shares . retrieved 2016 09 23 . buck tobias 2016 01 14 . spanish prosecutors demand jail sentence for rodrigo rato . financial times . issn 0307 1766 . retrieved 2016 02 15 . external links edit wikimedia commons has media related to bankia . official website v t e ibex 35 companies of spain abengoa abertis acs amadeus it group arcelormittal banco bilbao vizcaya argentaria banco popular espa ol banco sabadell banco santander bankia bankinter bolsas y mercados espa oles caixabank dia enag s ferrovial fomento de construcciones y contratas gamesa corporaci n tecnol gica gas natural grifols iberdrola inditex indra sistemas international airlines group jazztel mapfre mediaset espa a comunicaci n obrasc n huarte lain red el ctrica de espa a repsol sacyr vallehermoso t cnicas reunidas telef nica viscofan v t e members of euro banking association austria allgemeine sparkasse oberosterreich bank f r tirol und vorarlberg ag bks bank ag