Bankia sells three loan portfolios worth 713 million euros

MADRID Mon Feb 24, 2014 2:48am EST

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MADRID Feb 24 (Reuters) - Spain's Bankia said on Monday it had reached a deal to sell three loan portfolios worth 713 million euros ($980 million) to institutional investors as part of a plan to dispose of non-strategic assets.

Bankia, which was bailed out by the state last year after it was crippled by exposure to Spain's collapsed property market, did not disclose the price but said it had already written down a large part of the value of the portfolios.

($1 = 0.7275 euros) (Reporting by Tracy Rucinski; Editing by Pravin Char)

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