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Bankia To Start Financing Property Developers Again as EC Restrictions End

Posted by: In: Real Estate 10 Jan 2018 Comments: 0 Tags: , , , , , , , , , , ,
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2 January 2018 – Inmodiario

From 1 January 2018, Bankia will be able to launch new lines of activity after the restrictions, established by the Restructuring Plan that the entity signed with the European Commission five years ago, were lifted. These activities will represent the levers for commercial development in the new growth phase that the entity is now embarking on.

José Ignacio Goirigolzarri, President of Bankia, has confirmed that “we are starting a new phase of growth after leaving behind a successful restructuring phase that we have now completed”. And he added that “the lifting of the restrictions imposed by the Restructuring Plan opens up new business opportunities for us and places us alongside our competitors once again”.

Over the last five years, and as a result of the commitments taken on to enable it to sign the Restructuring Plan (which allowed it to receive aid), Bankia was not allowed to operate in certain activities, such as financing real estate developments or companies with access to capital markets.

With the new objectives in mind, the entity has incorporated a Property Development Division into its new organisation, which was approved recently. It has appointed Alberto Manrique to lead that business and he will report directly to the Business Banking Division, led by Gonzalo Alcubilla.

Manrique joined the group in 1988. Since then, the industrial engineer, who holds a degree in ‘ETS de Ingenieros’ from ICAI, has taken on several positions of responsibility. Most recently, he has carried out different tasks within the Business Banking sphere, such as the corporate management of the business branch network in the centre of Spain, the management of the Structured Finance and Syndicated Loan product teams and taking responsibility for the online business channels.

The new management team will be responsible for developing financing for property developers at a point when the cycle is recovering, “with growth expected for at least three or four years, during which time we expect that around 150,000 new homes per year will be built”, says Manrique.

One of the other new lines of activity that Bankia will develop from 1 January 2018 onwards will be to grant long-term financing to large corporations with access to capital markets, inside and outside of Spain, as well as to finance projects and acquisitions, activities that have been limited in recent years.

In addition to these new lines of activity for the coming year, the growth phase that Bankia is now starting will be marked by its ability to take advantage of the enormous growth opportunities that result from the increase in the client base that the entity has experienced in recent years and as a result of the process to integrate BMN, which consolidates the resulting entity’s position as the fourth-largest bank by assets in Spain.

Original story: Inmodiario

Translation: Carmel Drake

The post Bankia To Start Financing Property Developers Again as EC Restrictions End appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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