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Caixabank to buy nationalised Banco de Valencia for 1 euro - FROB
November 27, 2012 / 8:27 PM / 5 years ago

Caixabank to buy nationalised Banco de Valencia for 1 euro - FROB

MADRID, Nov 27 (Reuters) - Spain’s bank restructuring fund called FROB confirmed on Tuesday that the country’s third largest bank Caixabank will buy nationalised bank Banco de Valencia.

The deal will see the FROB inject 4.5 billion euros of funds into Banco de Valencia, which will then be sold to La Caixa for the nominal fee of 1 euro ($1.29).

The FROB will also assume losses of up to 72.5 percent for a period of ten years in certain assets held by Banco de Valencia, one of the hardest hit by the bursting of a property bubble in Spain in 2008. ($1 = 0.7733 euros) (Reporting by Nigel Davies; editing by Rodrigo de Miguel)

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