Bankia Chief Executive Francisco Verdu Resigns, Lender Says

July 4 (Bloomberg) -- Bankia SA Chief Executive Officer Francisco Verdu, hired by the lender ahead of its initial public offering a year ago, resigned, the bank said.

Verdu, 57, will resign with immediate effect, the Valencia, Spain-based bank said in a statement sent by email today.

Verdu, a former vice-chairman and former CEO of Banca March, a family-owned Spanish lender, joined Bankia in May 2011 before the bank raised more than 3 billion euros ($3.8 billion) with a sale of shares that have since lost three quarters of their value. The government completed the nationalization of Bankia’s parent last week after the group sought 19 billion euros of state aid to repair a balance sheet holed by losses linked to real estate.

Jose Ignacio Goirigolzarri, the former second-in-command at Banco Bilbao Vizcaya Argentaria SA who took over as Bankia’s chairman in May, had kept Verdu in his CEO post even as he cleared out management at Bankia and its unlisted parent.

Link to Company News:{BBVA SM <Equity> CN <GO>} Link to Company News:{BKIA SM <Equity> CN <GO>}

To contact the editor responsible for this story: Charles Penty at