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Rato’s Bankia Exit Signals Spain Heeding IMF Advice on Banks

Rodrigo Rato’s exit from Bankia signals Spain is heeding part of the International Monetary Fund’s advice for the banking industry as the government weighs a second bailout of the lender.

Rato, a former IMF managing director, said yesterday he’d quit the banking group with the biggest Spanish asset base and proposed Jose Ignacio Goirigolzarri, former chief operating officer of Banco Bilbao Vizcaya Argentaria SA, as executive chairman.