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Spanish troubles threaten to upset Bankia’s share listing
BANKIA, Spain’s third-largest bank by assets, yesterday denied suggestions that it might delay its initial public offering in the wake of telecoms giant Telefonica cancelling the planned flotation of its call centre unit Atento at the end of last week.
Telefonica blamed “the unfavourable state of the markets” for its decision.
Bankia – which groups seven regional savings banks – hopes to raise between €3bn and €4bn (£2.7bn – £3.5bn) by selling shares to retail and institutional investors, and has indicated that it wants to list in July.
“Obviously if the market goes into meltdown there might be reason to think again,” said one person close to the deal. “But you can not stop doing things every time things get a bit tough.”