Bankia - Financier
Caja de Ahorros y Monte de Piedad de Madrid, Caja de Ahorros de Valencia, Castellón and Alicante (Bancaja), Caja Insular de Ahorros de Canarias, Caja de Ahorros y Monte de Piedad de Ávila, Caixa de Ahorros Laietana , Caja de Ahorros y Monte de Piedad de Segovia and Caja de Ahorros de La Rioja signed an integration agreement to Establish a Contract Group Organised as a Institutional Protection System (an Institutional Protection Scheme or IPS) under Spanish law.
The original purpose of the integration agreement was to establish the Group as an integrated organisation, recognised as a consolidated group for accounting and regulatory purposes, and as a vehicle for concentration from the standpoint of competition law. It envisioned articulating a far-reaching financial integration, integration of management and integration of the ownership of the group's corporate investments, while centralising the investment and disinvestment decisions in respect of the present and future portfolios.
On 3 December 2010 the Central Company of the IPS was created under the name Banco Financiero y de Ahorros, S.A. (BFA), as the controlling entity of the IPS and parent company of the Banco Financiero y de Ahorros Group into which the seven Cajas and the rest of the subsidiary entities were integrated.
Since 1 January 2011 Bankia, S.A. belongs to the Banco Financiero y de Ahorros Group and is, in turn, the parent company of its own group (the Bankia Group) whose scope of consolidation at 31 December 2011 included 385 subsidiaries, associates and jointly-owned entities engaged in diverse businesses, such as insurance, asset management, lending, services, development and management of property assets, and other activities.
Bankia began trading on the Spanish stock market on 20 July 2011.
