Convincing investors to buy shares in a restructured Spanish savings bank sounds a daunting task when it’s attempted in a European sovereign debt crisis and amid an overhaul of the troubled domestic banking system given added urgency by five Spanish banks failing the European Banking Authority’s stress tests. Yet that is exactly what newly created Bankia, a merger of seven Spanish banks, and its lead arrangers achieved last month.
“The most important thing is that we did it,” says a banker who worked closely on the IPO.
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