Spain's Bankia Sells NH Hoteles Stake

January 17, 2014

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Bailed-out Spanish lender Bankia on Friday booked a EUR€64 million (USD$87 million) gain on the sale of its 12.6 percent stake in NH Hoteles, part of efforts to strengthen its capital ahead of European stress tests on banks this year.

Spain's banks have in recent months heavily sold down the big stakes they built up in the country's main companies during a decade-long economic boom, in order both to raise funds and focus on fixing their banking business.

Bankia - which had announced the planned NH Hoteles sale late on Thursday - has so far sold investments worth EUR&euro2.4 billion it had in insurer Mapfre, airline group IAG and technology firm Indra.