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Spain expands deadline to privatise Bankia by two years - government source
December 1, 2016 / 6:15 PM / 10 months ago

Spain expands deadline to privatise Bankia by two years - government source

MADRID, Dec 1 (Reuters) - The Spanish government will pass a law on Friday giving it two more years - until end-2019 - to privatise bailed-out lender Bankia as the administration seeks to maximise returns, a government source said on Thursday.

Bankia became the symbol of Spain’s financial crisis when it lost more than 19 billion euros ($26 billion) in 2012 because of soured real estate holdings and it needed almost half of a 41.3-billion-euro European aid package for Spain’s ailing lenders.

Bankia declined to comment. (Reporting By Sonya Dowsett; additional reporting by Tomas Cobos; Editing by Rodrigo de Miguel)

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