The State took the lead yesterday with Bank Savings Financial and its subsidiary Bankia-which has 45% of capital through the Bank Restructuring Fund (FROB). FROB is how the Government and the Bank of Spain want to restructure the financial area. This fund was the holder of a loan of 4.465 million euros to BPA is now transformed into capital at the request of the institution itself, which acknowledges its inability to repay the money. Just as well the history of BFA-Bankia as independent financial group with more than ten million customers and assets of about 300,000 million. Now the group must approve a viability plan and restructure its business and its board under the supervision of the Bank of Spain, the Ministry of Economy and Brussels. There will be a plan to sell assets, business units, office closures and staff adjustments.
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