Bankia () was a Spanish

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

company that was formed in December 2010, consolidating the operations of seven regional

savings banks A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...

, and was partially

nationalized Nationalization (nationalisation in British English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with priv ...

by the

government of Spain The government of Spain () is the central government which leads the executive branch and the General State Administration of the Kingdom of Spain. The Government consists of the Prime Minister and the Ministers; the prime minister has the ...

in May 2012 due to the near-collapse of the institution. As of 2017, Bankia was the fourth largest bank in Spain, with total assets of €179.1 billion. In 2021, the bank merged with

CaixaBank CaixaBank, S.A. (), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Barcelona and Madrid. It is Spain's third-largest lender by market value, after Ban ...

to create a new entity, initially preserving its original name.

History

Formation and IPO

Bankia was formed on 3 December 2010, as a result of the union of seven Spanish savings banks that had a major presence in their historical core regions. The merger of the seven banks, known as 'cold fusion', took only four months, with the integration contract being signed on 30 July 2010.

Caja Madrid Caja Madrid, formally the Caja de Ahorros y Monte de Piedad de Madrid, headquartered in Madrid,Inicio
." ...

, which was itself owned by the government of the

Community of Madrid The Community of Madrid (; ) is one of the seventeen autonomous communities and 50 provinces of Spain, provinces of Spain. It is located at the heart of the Iberian Peninsula and Meseta Central, Central Plateau (); its capital and largest munici ...

, held controlling interest. The distribution of shares was as follows: * 52.06%

Caja Madrid Caja Madrid, formally the Caja de Ahorros y Monte de Piedad de Madrid, headquartered in Madrid,Inicio
." ...

* 37.70% Bancaja * 2.45% La Caja de Canarias * 2.33% Caja de Ávila * 2.11% Caixa Laietana * 2.01% Caja Segovia * 1.34% Caja Rioja After the merger, Bankia was initially owned by the 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 from the Spanish government rescue fund

FROB {{Short pages monitor