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Bankia closes the sale of City National Bank with a net capital gain of 117 million euros

Bankia executed today the sale of 100% of the shares of City National Bank of Florida (CNB) to Banco de Crédito e Inversiones.
Bankia Comunicación

By Bankia Comunicación

Publish on 
16 October 2015

Bankia executed today the sale of 100% of the shares of City National Bank of Florida (CNB) to Banco de Crédito e Inversiones.

The sale agreement was announced back on 24th May, 2013 and, after having received during the last few weeks all authorizations required for the buyer, the final closing of the deal has been completed.

The sale of CNB has been estimated to generate a net capital gain of 117 million euros for the Bankia Group, after having marked to market the stake in 2010. This capital gain, together with the 91 million euros contribution to the Group's net profit in 2014 and 2015 generates a total impact of 208 million euros.

A partial hedge on the exchange rate was put in place at the time of the signature of the sale and purchase agreement. Therefore, the evolution of the exchange rate has a positive result for Bankia.

With regards to solvency, the sale of CNB has been estimated to generate 73 bps of CET1 BIS III Phase In, or 70 bps of CET 1 BIS III Fully loaded.

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