According to a government statement, the extension is intended to maximize the recovery value of the state's stake and protect the general interest. This marks the fourth time the government has extended its self-imposed deadline for the sale of its stake in the bank, which is the largest lender in the country by domestic assets.
Caixabank Completes Acquisition of Bankia
In March 2021, Caixabank completed its $5.2 billion acquisition of state-owned Bankia, creating Spain's largest domestic bank with over $650 billion in assets. The government had previously bailed out Bankia with a $22.4 billion rescue during the height of Spain's financial crisis in 2012. The sale of the government's stake in Caixabank is meant to help recover the public money used to stabilize Bankia's finances at the time.
Economy Minister Comments on Caixabank Stake Sale
Last year, Economy Minister Nadia Calviño stated that the government was "in no hurry" to sell its holding in Caixabank. This sentiment is reflected in the multiple extensions of the deadline for the stake sale. The government is taking a measured approach to the sale, seeking to ensure that it receives the best possible price for its holding in the bank.