Bankia
Defunct Spanish financial-services brand created from seven savings banks and absorbed into CaixaBank in 2021.
Last updated August 21, 2026
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Overview
Bankia was a Spanish financial-services company created in December 2010 through the consolidation of seven regional savings banks during Spain’s banking and property crisis. The combination brought together Caja Madrid, Bancaja, La Caja de Canarias, Caja de Ávila, Caixa Laietana, Caja Segovia and Caja Rioja. Caja Madrid held the largest initial interest, while the combined institution was initially structured through Banco Financiero y de Ahorros (BFA). The new group inherited substantial exposure to Spanish real estate and other impaired assets, making its balance sheet highly sensitive to the deterioration of the property market. Bankia launched an initial public offering in July 2011. Its shares began trading on the Bolsa de Madrid under the symbol BKIA, and the company joined the IBEX 35. The offering raised approximately €3.1 billion, with most demand coming from Spain, including the bank’s own customers. Within a year, the institution had become a central case in Spain’s banking crisis. In May 2012, Rodrigo Rato resigned as chairman and José Ignacio Goirigolzarri took over. The Spanish state converted preference shares held in BFA into voting shares, obtaining control of approximately 45% of Bankia. Trading in the shares was temporarily suspended, and the bank restated its 2011 result from a reported profit to a multibillion-euro pre-tax loss. A European Commission-approved restructuring package in June 2012 included a €4.465 billion equity injection and liquidity guarantees of up to €19 billion for BFA and Bankia. State aid conditions required substantial reductions in assets, branches and staff, restrictions on dividends, and burden sharing by shareholders and holders of certain financial instruments. Bankia subsequently reorganized its operations around retail banking, business banking, private banking, asset management and bancassurance, capital markets, and investee companies. The bank returned to profitability in 2013 and gradually improved its reported efficiency, solvency and profitability. It sold non-core assets, including City National Bank of Florida in 2015, and the state began reducing its holding. Bankia also acquired Banco Mare Nostrum in 2017 in an all-share transaction, expanding its position in several Spanish regions. The government postponed the planned timetable for full privatization, and Bankia continued operating as a partially state-owned listed bank. Bankia’s recovery was accompanied by legal and reputational problems. Courts found serious inaccuracies in the prospectus for its 2011 IPO, leading to compensation claims from minority investors. The bank also faced claims concerning the sale of preference shares and subordinated debt to retail customers. Separately, former Caja Madrid and Bankia executives were convicted in a case involving unauthorized use of so-called black credit cards. These controversies remained important parts of the institution’s public history even as its operating performance improved. In September 2020, CaixaBank and Bankia confirmed negotiations over a merger. The transaction was completed on 26 March 2021, creating Spain’s largest domestic banking group by assets at the time. CaixaBank became the surviving institution, and Bankia’s independent corporate existence and stock-market identity ended. Some branches, products and customer relationships were integrated into CaixaBank, but Bankia ceased to operate as a separate bank brand.
History
Bankia emerged from the restructuring of Spain’s savings-bank sector after the global financial crisis and the collapse of the Spanish property boom. Seven regional cajas combined in a rapid process often described as a “cold fusion.” The constituent institutions were Caja Madrid, Bancaja, La Caja de Canarias, Caja de Ávila, Caixa Laietana, Caja Segovia and Caja Rioja. Their integration agreement was signed in July 2010, and Bankia was formally created on 3 December 2010. BFA served as the initial holding structure, while the constituent savings banks retained ownership interests. The new group was burdened by impaired real-estate assets and weak market confidence. Some of the most problematic assets were placed in BFA, which received government support through Spain’s bank-rescue fund. Bankia nevertheless proceeded with an IPO in 2011, raising roughly €3.1 billion. The shares debuted in Madrid on 20 July 2011 under BKIA and entered the IBEX 35. Most of the offering was distributed domestically, including to the bank’s retail customers. The institution’s position deteriorated sharply in 2012. Rodrigo Rato resigned on 7 May, and José Ignacio Goirigolzarri was appointed to lead the rescue. The government converted BFA preference shares into voting shares, giving it control of roughly 45% of Bankia. The bank suspended trading in its shares and revised its 2011 accounts from an announced profit to a pre-tax loss of approximately €4.3 billion. A European Commission-approved package followed in June, combining new equity and large liquidity guarantees. The conditions included reductions in assets, branches and personnel, restrictions on distributions, and losses for investors in certain instruments. Under new management, Bankia pursued a multi-year restructuring. It returned to profitability in 2013, disposed of non-core assets, reduced its physical network and workforce, and sought to restore market access. It sold Bankia Bolsa to GVC in 2013 and City National Bank of Florida to BCI in 2015. The state began selling shares in 2014, although the full privatization timetable was repeatedly postponed. Bankia reported that it had met the European restructuring targets ahead of schedule by the end of 2015. Its credit rating was restored to investment grade by Fitch in 2016. Legal disputes continued alongside the recovery. Spanish courts found that the 2011 IPO documentation contained serious inaccuracies, prompting extensive claims by minority shareholders. Bankia later offered full compensation, with interest, to qualifying retail investors who returned their shares. The institution was also involved in remediation relating to preference shares and subordinated debt sold to customers. In a separate criminal case, former executives and directors were convicted over personal use of unauthorized credit cards connected with Caja Madrid and Bankia’s predecessor arrangements. Bankia expanded domestically by agreeing to acquire Banco Mare Nostrum in 2017. The transaction added the businesses of a bank formed from Caja Murcia, Caja Granada and Sa Nostra. Although the bank announced a new strategic plan and proposed shareholder distributions, government ownership and privatization delays remained defining features of its final period. In 2020, Bankia and CaixaBank began formal merger negotiations. The combination took effect on 26 March 2021. CaixaBank became the surviving group, and Bankia’s standalone listing, legal identity and brand were discontinued.
- 2021
Merger with CaixaBank
[1]The CaixaBank merger becomes effective, ending Bankia as an independent bank.
- 2017
BMN acquisition agreed
[1]Bankia agrees to acquire Banco Mare Nostrum in an all-share transaction.
- 2015
Florida subsidiary sold
[1]City National Bank of Florida is sold to BCI.
- 2013
Return to profitability
[1]Bankia reports a return to profit during its restructuring period.
- 2012
State control and rescue
[1]The government takes control and a European Commission-approved rescue and restructuring program is implemented.
- 2011
Initial public offering
[1]Bankia raises approximately €3.1 billion and begins trading in Madrid under BKIA.
- 2010
Bankia is formed
[1]Seven Spanish savings banks complete the consolidation that creates Bankia, initially organized through BFA.
Products and positioning
A mass-market Spanish banking institution serving households, small and medium-sized businesses, companies, private-banking clients and institutional customers; after its rescue, it was repositioned as a streamlined, state-supported universal bank.
Consumer banking · 2010
Retail banking
Bankia provided current and savings accounts, payment services, cards, personal credit and branch- and digitally delivered services to households in Spain.
Lending · 2010
Mortgage lending
Mortgage finance was a major part of Bankia’s retail offering, reflecting the housing and property-market exposure inherited from its constituent savings banks.
Commercial banking · 2010
Business banking
The business-banking franchise served small and medium-sized enterprises and larger companies through lending, cash-management and related banking services.
Wealth management · 2010
Private banking and asset management
Bankia operated private-banking and asset-management activities for affluent customers and investors, alongside investment products and bancassurance.
Investment banking · 2010
Capital markets
The company maintained capital-markets capabilities and investee-company activities as one of its principal organizational areas.
Controversies
2017
Unauthorized credit-card spending
Dozens of former executives and directors were convicted over personal spending through cards associated with Caja Madrid and the Bankia predecessor structure. Rodrigo Rato received a prison sentence, as did former Caja Madrid chairman Miguel Blesa.
2016
Misleading IPO prospectus litigation
The Supreme Court found serious inaccuracies in Bankia’s 2011 IPO prospectus. Bankia later offered qualifying minority shareholders full reimbursement plus compensatory interest in exchange for returning their shares.
Brand decisions
2020
Agree to merge with CaixaBankM&ABackground
The two banks pursued consolidation to create a larger domestic Spanish banking group.
Action taken
CaixaBank and Bankia confirmed merger negotiations, which ultimately produced a transaction effective in March 2021.
Aftermath
Bankia’s standalone corporate identity and listing ended after the merger.
2017
Acquire Banco Mare NostrumM&ABackground
Bankia sought domestic scale while continuing to consolidate Spain’s rescued and formerly regional banking institutions.
Action taken
It agreed to acquire BMN through an all-share transaction.
Aftermath
The transaction expanded Bankia’s regional presence before the later merger with CaixaBank.
Announced transaction value. €825 million (2017)
2012
Accept state control and restructuringStrategyBackground
Property-related losses and concerns about the value of Bankia’s assets made a government-supported recapitalization necessary.
Action taken
Spain converted BFA preference shares into voting shares and supported a restructuring plan approved under European Union state-aid rules.
Aftermath
Bankia reduced its balance sheet, branches and workforce and operated under restrictions on dividends and other activities.
European Commission-approved equity injection. €4.465 billion (2012)
2011
Proceed with a domestic-focused IPOOtherBackground
International institutional demand for the offering was limited, so the distribution strategy relied heavily on domestic investors and the bank’s customer base.
Action taken
Bankia raised approximately €3.1 billion and listed its shares in Madrid under BKIA.
Aftermath
The listing was followed by a severe loss of confidence and later litigation over the accuracy of the offering documentation.
Recent events
- 2021
Bankia merges into CaixaBank[1]
M&A · Leadership change
The merger became effective on 26 March 2021, ending Bankia’s independent corporate existence and listed identity.
- 2020
CaixaBank and Bankia confirm merger negotiations[1]
M&A
The two Spanish banks confirmed talks over a combination that would create the country’s largest domestic banking group by assets.
- 2017
Bankia agrees to acquire Banco Mare Nostrum[1]
M&A
Bankia agreed to acquire state-owned BMN in an all-share transaction valued at €825 million.
- 2015
Bankia sells City National Bank of Florida[1]
M&A
Bankia completed the sale of its Florida subsidiary to Chilean bank BCI for $883 million.
- 2014
Spain sells part of its Bankia stake[1]
Other
The Spanish state sold a 7.5% holding for approximately €1.3 billion as part of the planned divestment of its rescued banking investment.
- 2013
Bankia returns to profitability[1]
Other
The restructured bank reported a return to profit after its rescue and the implementation of extensive cost and balance-sheet measures.
- 2012
Bankia replaces its chairman amid mounting financial pressure[1]
Leadership change · Bankruptcy
Rodrigo Rato resigned and José Ignacio Goirigolzarri became president as the institution sought a government-backed rescue and restructuring.
- 2012
Spain takes control of Bankia[1]
Other · Regulation
The Spanish government converted preference shares in BFA into voting shares, obtaining a controlling position in Bankia.
- 2012
Bankia receives a European Commission-approved rescue package[1]
Bankruptcy · Regulation
The approved state-aid plan included a €4.465 billion equity injection and liquidity guarantees of up to €19 billion for BFA and Bankia.
- 2011
Bankia begins trading after its initial public offering[1]
Other
Bankia shares began trading on the Bolsa de Madrid under ticker BKIA and were included in the IBEX 35.
Sources2 sources
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