Banco de Valencia posts loss

Spain’s Banco de Valencia, which was bought by Spain’s third-largest lender Caixabank last year, reported a loss of €3.6bn (£3.1bn) for 2012, the bank restructuring fund (FROB) said yesterday. While Banco de Valencia is still technically held by the FROB, CaixaBank bought the smaller lender for €1 with the benefit of a government-funded programme to protect it against future losses on assets. A Caixabank spokesperson said the loss has not been consolidated into the larger bank’s results.