Bankia, nationalised and bailed out to the tune of €18 billion, is now the owner of Valencia football club following a court ruling on Tuesday.
Record losses for Bankia
Bankia posted record losses of €19.193 million for 2012, six times the €2.979 million it lost in 2011. The parent company, BFA Bankia, closed 2012 with a loss of €21.238 million.
Bailout of banks could result in 8,000 job losses
The bailout of the Spanish banks is widely expected to result in the loss of up to 8,000 jobs, mostly in Bankia, and the closure of a significant number of branches.
Not everyone is suffering
The financial director of Bancaja, now part of Bankia, could be in line for a €14 million payout when he leaves the organisation.
Bankia needs €19 billion bailout
Bankia, the fourth largest bank in Spain, requires a €19 billion bailout after figures for 2011 show a loss of €2.89 billion rather that the €309 million profit reported in February.