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Bankia sells soured credit portfolio for 800 mln euros
July 25, 2012 / 9:13 AM / 5 years ago

Bankia sells soured credit portfolio for 800 mln euros

MADRID, July 25 (Reuters) - Spain’s state-rescued lender Bankia said on Wednesday it sold a soured credit loan portfolio for 800 million euros ($966.80 million) to investment funds Aktiv Kapital of Norway and Oko Investments of Luxemburg

“The disposal will have a positive impact on the bank’s results as the credit portfolio is fully provisioned,” Bankia said in a statement.

The sale is part of Bankia’s plan to shed 30 billion euros in toxic assets in the next three years as part of a state rescue of 23.5 billion euros.

$1 = 0.8275 euros Reporting By Jesús Aguado,; Editing by Julien Toyer

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