Bankia switches off the power

Spain’s biggest state-owned lender Bankia last night instructed the sale of its entire 4.94 per cent stake in the power company Iberdrola. The stake is worth around $2.2bn (£1.31bn). Citi and UBS were given the mandate to sell the stock. The sale is part of Bankia’s divestment programme. Bankia has already sold stakes worth more than €2.4bn in groups such as insurer Mapfre and IT company Indra and its stake in olive oil firm Deoleo is currently the target of a bid by CVC Capital.