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Goldman Sachs to advise Spain on Bankia stake sale: FROB

By Jesús Aguado MADRID (Reuters) - Spain's bank rescue fund FROB said on Friday it chose Goldman Sachs to advise it on the sale of part of the government's controlling stake in nationalized lender Bankia <BKIA.MC>. The government is taking steps to start selling part of its 68 percent holding in Bankia, but will maintain control. Economy Minister Luis de Guindos told Reuters this week that small stakes could be sold during the year before a bigger sale in the medium-term.

Spain to sell nationalised bank to Venezuela's Banesco

Venezuela's Banesco bank will buy 88.33 percent of nationalised Spanish bank NCG Banco for one billion euros ($1.34 billion), Spain's bank restructuring fund FROB said Wednesday. Banesco's offer beat five rival bids in the privatisation tender for the lender based in the northwestern region of Galicia, the fund said in a statement. Under the deal Banesco, controlled by billionaire Juan Carlos Escotet, will buy two portfolios of written-off loans. Banesco will pay 40 percent of the price when the sale closes and the rest in stages through 2018.

Venezuela's Banesco wins tender for nationalised Spanish bank

Venezuela's Banesco bank is the chosen bidder to buy 88.33 percent of Spain's nationalised NCG Banco in a privatisation tender, Spain's bank restructuring fund FROB said Wednesday. Banesco's offer of one billion euros ($1.34 billion) for NCG Banco beat out five rival bids for the lender, the fund said in a statement. Banesco's offer met the condition of being 200 million euros more than the second highest bid to prevent the tender going into a second phase, it added.

Spain aims to close sale of nationalized NCG bank by year-end

MADRID (Reuters) - A sale of nationalized Spanish bank NCG Banco, a former savings bank based in the north-western region of Galicia, should be wrapped up by the end of the year, the head of Spain's bank restructuring fund Fernando Restoy said on Wednesday. Separately, the restructuring fund FROB said in a statement late on Wednesday it had extended the deadline for bids for the lender to December 16 from December 13.

Spain ready to kick off sale of nationalized banks

MADRID (Reuters) - Spain will appoint investment banks by next week to handle the sale of two bailed-out lenders, a source from the country's bank restructuring fund said on Monday. The government could also provide support to protect potential buyers from a deterioration in the banks' loan books, the source from the fund, known as the FROB, said. The two banks up for sale are Barcelona-based Catalunya Banc and NCG Banco of the northern region of Galicia.

Spain won't seek more EU funds to help bank sales: source

MADRID (Reuters) - The Spanish government does not expect to seek more money from the European bank rescue fund to help with the sale of troubled nationalized lenders NCG Banco and Catalunya Banc, a source from the country's bank restructuring fund FROB said on Monday. (Reporting by Jesus Aguado; Writing by Tracy Rucinski; Editing by Clare Kane)

Spain's 'bad bank' sells 550 homes in three months

Spain's "bad bank", key to cleaning up the bad-loan ridden financial system, said Monday it has sold 550 homes since the end of February when it began its operations. Spain set up the bank, SAREB, last year to absorb tens of billions of euros in bad assets that have been weighing on the balance sheets of the country's banks since the property market crashed in 2008. But it only signed the contracts which allow it to manage the assets which were ceded to it by banks at the end of February.

Spain to inject 604 million euros in Banco CEISS

MADRID (Reuters) - Spain's bank restructuring fund FROB has agreed to inject 604 million euros of cash in small lender Banco CEISS, the government said in its official bulletin on Friday. The cash injection will be made through a contingent convertible bond issue in CEISS, subscribed by the FROB, it said. The bank has been in merger talks with fellow lender Unicaja. (Reporting By Tomas Cobos; Writing by Tracy Rucinski; Editing by Paul Day)

Spanish 'bad bank' starts shifting problem assets

The "bad bank" set up to purge Spain's crisis-hit finance sector has begun operating and aims to sell off 1.5 billion euros' worth of toxic assets in 2013, the government said on Tuesday. "Its commercial activity has begun, beginning with the sale of real estate assets, and there are already some transactions that are just waiting to be signed," Finance Minister Luis de Guindos told parliament. The bad bank, known as Sareb, was formed by the fusion of eight Spanish banks including Bankia, one of four that were nationalised last year.

Spain suspends sale of bailed-out bank

Spain suspended a plan to sell off one of its ruined banks, Catalunya Banc, the lender said on Tuesday, after it reportedly received no viable offers. Catalunya Banc was one of five Spanish finance groups taken over by the state-backed bank rescue fund, FROB, and has received billions of euros in aid from Spain and the eurozone. It is one of the casualties of the collapse of Spain's property boom in 2008, which tipped Spain into recession, destroying millions of jobs and prompting a major restructuring of its banks.
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