Bankinter Slides as Credit Agricole Reduces Stake: Madrid Mover
Bankinter declined as much as 3.4 percent to 3.95 euros. It fell 1.9 percent to 4.01 euros at 2:58 p.m. in Madrid.
Credit Agricole reduced its stake in the firm to 9.9 percent from about 15 percent, selling shares at 3.95 euros each, according to a regulatory filing today. Bankinter, which specializes in mortgages and lending to wealthier Spaniards, has gained 28 percent this year after funding conditions eased, bringing a rally in banking stocks.
“Credit Agricole is raising some cash and they are getting out of whatever they can,” Andrea Filtri, an analyst at Mediobanca SpA in London, who rates Bankinter “underperform,” said by telephone.
Credit Agricole, France’s third-biggest biggest lender, bought a 15 percent stake in Bankinter in 2007 for 809 million euros, paying 13.6 euros a share.
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