MADRID--Spanish lender Bankia SA (BKIA.MC) said late Wednesday
it has hired an adviser to help sell its 12.09% stake in
International Consolidated Airlines Group (ICAGY, IAG.MC, IAG.LN),
part of a wider plan to pay back taxpayer money that went to bail
out the loss-making bank last year.
In a press release, Bankia said it has hired Bank of America
Merrill Lynch, as well as its in-house broker Bankia Bolsa, to
carry out the sale of the stake.
IAG has a market value of EUR5.76 billion ($7.55 billion),
giving the stake a current valuation of EUR696.4 million.
Bankia is the largest of Spain's problem banks. Its huge losses
forced Spain to seek a EUR41 billion rescue loan from the European
Union last year, which the country used to clean up Bankia and
other troubled lenders.
Write to Christopher Bjork at christopher.bjork@dowjones.com
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