CaixaBank sold the stake for 387 million euros ($512 million) and booked a gain of 33 million euros, the company said in an e-mailed statement today. The Barcelona-based lender plans to sell another 6.4 percent of Inbursa to institutional investors, cutting its stake to as little as 9 percent.
Spanish banks are raising capital to bolster their balance sheets before the European Central Bank, set to take over supervision of the continent’s biggest lenders next year, runs an analysis of their holdings. The collapse of Spain’s property market saddled the banking system with about 180 billion euros of soured assets.
Caixabank rose 0.8 percent to 2.72 euros in Madrid trading today, bringing the gain this year to 3 percent.
To contact the reporter on this story: Ben Sills in Madrid at email@example.com
To contact the editor responsible for this story: James Hertling at firstname.lastname@example.org