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Spanish lender Bankia to be partly nationalised

  • Spanish lender Bankia is to be partly nationalised, according to the country’s central bank.

    Bankia, which holds $41.5 billion in distressed property assets, will have a $5.8 billion loan by the Spanish bailout fund converted into shares.

    The state-run fund will hold a 45 percent stake in the bank.

    Bankia is Spain’s fourth largest bank and was created in 2010 as a result of a merger of seven struggling savings banks.