Bankia to divest private equity portfolio

The sales process will be managed by the advisory division of N+1, the eponymous Spanish private equity firm.

The portfolio comprises private equity funds of various sizes and close to 100 equity investments in companies in manufacturing and service industries.

The asset disposal will be completed by 2016 as part of Bankia's shifting focus on core activities. Bankia is expected to raise proceeds of close to €1.5bn and net gains of more than €392m from the sale process.

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• Southern Europe
• Spain