Bankia raises £1.26bn

Spain’s Bankia, rescued by the state from near financial collapse in 2012, has announced it raised £1.26bn by selling its 4.94 per cent stake in energy giant Iberdrola. The sale of 315m shares was led by UBS and Citi. Market sources suggested there remained a significant amount of unsold stock, although UBS’ presence on the deal underscores its leading position in block trades in Europe, Middle East and Africa.