Friday, May 25, 2012

Bankia Asks Spain For £15bn In Aid

Spain's fourth largest bank Bankia has asked for 19bn euros (£15bn) in state aid - on top of a previous injection of 4.5bn euros.

In a statement, the struggling lender said it would ask Spain's bank restructuring fund FROB for a capital increase.

Earlier, the Spanish market suspended trade in the bank's plunging shares.

Bankia was also one of five Spanish banks downgraded by ratings agency Standard and Poor's on Friday.

The troubled lender was part-nationalised several weeks ago. Read More