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Report BFA - Bankia 2014 / Bankia’s activitiesOther investee companies

  • Divestments in 2014
    221 investee companies
  • Investee companies
    77 companies
  • Revenues generated
    €2,910 M
  • Other companies included in the scope
    91 companies
  • Gains
    €794 M

The BFA-Bankia Group sold the majority of its main equity investments during 2014 as part of the divestment commitment it undertook in 2012. As a result of the dedication of the management teams and the favourable market conditions, the group managed to obtain nearly €800 million in capital gains from these transactions.

These included the sale of its holdings in Iberdrola, NH Hoteles, Deoleo and 2.99% of Mapfre, as well as divestments of subsidiaries such as Bancofar and Intermediación y Patrimonios. In total, 112 non-real estate equity investments were sold generating cumulative revenues of 2,868 million and gross capital gains of 765 million. In addition, 109 real estate equity investments were sold for a total of 42 million, producing a gain of more than 29 million.

Divestments in investee companies
€800 million
in capital gains.

BFA-Bankia continues to divest its portfolio of investee companies with non-core businesses, in line with the bank’s Restructuring Plan and Strategic Plan. The ultimate goal is to focus efforts on consolidating Bankia’s profile as a commercial bank.

The timeframe set for these divestments is four years, which is currently halfway through, during which time more than half of the agreed divestments have been sold. The divestment strategy is being carried out in a controlled way, based on business criteria and expected returns.

Investments in listed, industrial, financial and real estate companies

BFA-Bankia has equity investments in more than 30 unlisted companies in the industrial, financial and other sectors, which include Globalvia (50%) and Renovables Samca (33.3%), both of which are in the process of divesting their own assets, which is expected to be completed during the first half of 2015. The portfolio of equity investments in unlisted real estate firms consists of 61 companies.

At the end of 2014, the only shareholding that the BFA-Bankia Group held in listed companies was 24.95% of Realia.

During 2014, the group made divestments in more than 220 companies, including financial assets held for sale, either by selling them or winding these companies up through corporate restructuring processes.

The portfolio of equity investments in group subsidiaries includes a total of 77 companies of different types, consisting of financial or banking-related firms (asset management, bancassurance and specialist financial services), and industrial, real estate and services companies. This group includes assets related to companies such as City National Bank, CM Florida Holdings, Inc., Bankia Pensiones, Bankia Fondos and Torre Norte Castellana.

Debt portfolios

A total of €800 million of corporate lending was directly sold to dealers and funds in the secondary market in 2014. Of this 800 million, 75% related to projects in the USA, South America, Eastern Europe and the Middle East. In addition, the sale of a portfolio consisting of an additional €800 million of doubtful corporate loans secured by hotel properties was finalised in October, which was sold in a competitive tender held with international investors.

Divestments of packages of small loans totalled 1,931 million, divided into three different lots:

  • A portfolio of 712 million, of which 400 million was considered to be doubtful, with a high percentage of unsecured loans.
  • A portfolio of 895 million of unsecured loans, of which 480 million was classified as doubtful and the rest as defaulted.
  • A portfolio of 324 million of loans with real estate developers, almost entirely classified as doubtful. This portfolio also included a package of nearly 400 units of foreclosed real estate assets.

During the last quarter of the year, a €500 million portfolio of highly doubtful and doubtful corporate loans, mostly with real estate developers, was put up for sale with the goal of closing the deal during the first quarter of 2015. During 2015, the bank will also offer other packages of developer risk for sale (combining it with sales of residential mortgage loans with private individuals) and doubtful loans, as well as continuing to sell unsecured loans that were recently classified as defaulted or non-performing.

Portfolio of investee companies

Other projects

The Holdings Directorate is launching various corporate restructuring processes that are expected to progress and be finalised during 2015, which will generate significant profits for Bankia from higher revenues, costs savings and other impacts on its income statement.