Spanish bank stocks

m22au · Dec 27, 2012

Bankia update: down 13% to roughly 0.60 EUR

Approx. market cap is now 1.2 billion EUR
http://www.bloomberg.com/quote/bkia:SM/

Which is extremely high for a bank with negative book value, and given that government officials are leaking the news that further large losses for shareholders are likely.

"UPDATE 1-Spain's Bankia wipes out shareholders in revival bid"
http://www.reuters.com/article/2012/12/27/bankia-idUSL5E8NR3LZ20121227

"Spain's Bankia wipes out shareholders in revival bid"
http://uk.reuters.com/article/2012/12/27/uk-bankia-idUKBRE8BQ06T20121227

m22au · Mar 9, 2013

Quote from m22au:

Bankia update: down 13% to roughly 0.60 EUR

Approx. market cap is now 1.2 billion EUR
http://www.bloomberg.com/quote/bkia:SM/

Which is extremely high for a bank with negative book value, and given that government officials are leaking the news that further large losses for shareholders are likely.

"UPDATE 1-Spain's Bankia wipes out shareholders in revival bid"
http://www.reuters.com/article/2012/12/27/bankia-idUSL5E8NR3LZ20121227

"Spain's Bankia wipes out shareholders in revival bid"
http://uk.reuters.com/article/2012/12/27/uk-bankia-idUKBRE8BQ06T20121227

5 March 2013

"EU sticks to minimal Bankia share valuation - source"

http://uk.reuters.com/article/2013/03/05/uk-eu-bankia-idUKBRE92409020130305

"EU regulators will order shares of Spain's Bankia be valued at just 0.01 euros each, a European Commission source said, meaning shareholders including thousands of ordinary Spaniards will be hit hard in a debt-for-equity swap to boost the bank's finances.

"Bankia's BKIA.MI minimal valuation is being disputed by Spanish authorities, which had been seeking a 0.10 euros per share valuation, sources familiar with the matter told Reuters last week.

"The figure is crucial as the rescued bank prepares to swap debt into shares as part of a 10.7 billion euro (9.1 billion pounds) capital hike, affecting hundreds of thousands of small investors."

More at the link above