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Bankia’s General Shareholders Meeting approves the distribution of a €317 million dividend, an increase of 5%

Bankia’s General Shareholders Meeting today approved the distribution of a €317 million dividend charged against the results for 2016, a 5% increase on the amount paid out the previous year.
Bankia Comunicación

By  Bankia Comunicación

Publish on 
23 March 2017

  • It also re-elected José Ignacio Goirigolzarri as chairman for another four years
  • Antonio Ortega, Jorge Cosmen, José Luis Feito, Fernando Fernández and Álvaro Rengifo have also had their mandates as directors renewed for a further four years
  • Shareholders ratified a reverse split with a ratio of one new share for every four existing shares, which will reduce the number of shares in the bank from 11,517 million to 2,879 million

Bankia's General Shareholders Meeting today approved the distribution of a €317 million dividend charged against the results for 2016, a 5% increase on the amount paid out the previous year.

The dividend, equivalent to a gross amount of 2.756 euro cents per share, will be paid in cash.

This dividend, which is the third in the bank's history, means that Bankia continues to repay the public funds it received. BFA, which is 100% State-owned through the FROB, is Bankia's largest shareholder (holding 65.9% of the capital at the end of 2016). If it continues to hold this stake on the dividend payment date, Bankia will be returning an additional €209 million to the taxpayer.

Following this payment, the State will have recovered a total of €1,836 million, taking into account the amount obtained from the sale of a 7.5% stake in Bankia in February 2014 which generated €1,304 million, and the sum of the three dividends approved to date which total €532 million.

The bank's General Shareholders Meeting also approved the re-election of José Ignacio Goirigolzarri as chairman for another four years and Antonio Ortega, Jorge Cosmen, José Luis Feito, Fernando Fernández and Álvaro Rengifo as directors for a further four years.

Reverse stock split

The General Meeting also approved a reduction in the number of the bank's shares in circulation through an operation known as a reverse split, in a ratio of one new share for every four existing shares. As a result, the number of bank shares will be reduced from 11,517 million to 2,879 million.

Lastly, the General Meeting ratified an increase of €6.3 billion in the bank's voluntary reserves by reducing the par value of each share from 0.80 euros to 0.25 euros. Once the reverse split has been made effective, each Bankia share will therefore have a par value of 1 Euro.

These operations do not change the company's capital in any way and the financial value held by each shareholder will remain unchanged.

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