Bankia will start new lines of business such as the financing of real estate developments and investments in the capital market, after the restrictions imposed in 2012 by the European Union (EU), after receiving public aid expired.
The entity has explained that in order to start the promoter business, has created the Directorate of Promoters, which will be responsible for developing the financing of real estate projects.
At the head of the new department, the bank has appointed Alberto Manrique, who has highlighted the good moment that this segment of the business is experiencing, in which he estimates the construction of "150,000 new homes a year" will begin during the next "three or four" years."
On the other hand, Bankia will be able to start financing large companies in the long term through access to the stock markets inside and outside of Spain, as well as financing projects and financing acquisitions.
The president of the entity, José Ignacio Goirigolzarri, has ended the one that qualifies as "successful" stage of restructuring of the bank and has begun "a new stage of growth", after the end of the limitations of the Restructuring Plan who agreed with the European Commission in 2012.
Goirigolzarri stressed that the end of the restrictions opens "new business opportunities" for Bankia and places the bank on an equal footing with its competitors.
Although the limitations imposed by the authorities in terms of geographical presence also expire, the CEO of Bankia, José Sevilla, already stated at a meeting of the sector last September, that they have no plans to open offices as it is a distribution channel "less important."
The end of the restrictions of competition coincides with the execution of the merger of Bankia with BMN, which will take place in the first days of January and which takes place shortly after the State put on sale, at the beginning of December, a new share package corresponding to 7% of the bank's total capital.
The above article was written and published in Spanish and has been translated into English. Click here to read the original article.
