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Spanish lender Bankia is partly nationalised

Troubled Spanish lender Bankia is to be partly nationalised, the central bank has confirmed.

Bankia, which holds 32bn euros (£25.7bn) in distressed property assets and whose boss has resigned, will have a 4.47bn-euro loan by the Spanish bailout fund converted into shares.

The state fund will emerge with a stake in the bank of 45%.

Tom Burridge reports.

  • 10 May 2012
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