While many overseas investors gave it a wide berth, a bargain-basement price, an extraordinary campaign to get support from Spanish investors and the dogged determination of Bankia Chairman Rodrigo Rato, a former Spanish finance minister and International Monetary Fund chief, ultimately saw it through. The listing was a test not only of the bank itself, but also of confidence in the Spanish economy. Spain's Telefonica TEF.MC abandoned the listing of its Atento call center business only a day after Bankia began marketing its issue.Īdding to the pressure on the bank and its advisers, the results of European-Union wide stress tests, which Bankia passed but five Spanish savings banks failed, were announced days before Bankia was due to set the final price for its deal.īankia completed its listing earlier this week, raising 3.1 billion euros ($4.5 billion) in the second biggest flotation in Europe so far this year after commodities trading group Glencore GLEN.L and the largest in Spain since the $6.6 billion IPO of Iberdrola Renovables in December 2007, according to Thomson Reuters data. It followed in the wake of a raft of aborted European IPOs in the preceding weeks. The offer period for the shares coincided with both a vote of confidence in Greek Prime Minister George Papandreou and a Greek parliamentary vote on an austerity package seen as key to averting a debt default. There is very little exposure to Greece at the bank but he is the one guy’,” said one person familiar with the matter.īankia’s initial public offering (IPO) couldn’t have come at a more turbulent time in the markets. “On the roadshow, one of the guys joked ‘(Chief Financial Officer) Carlos Stilianopoulos is the only Greek asset that we have. REUTERS/Susana Veraįortunately for the Spanish savings bank, it was able to distance itself from the Greece-related market turmoil which had derailed other floats. (Except for those shocks fully serviced in our service department).A man walks past a poster of savings bank Bankia in Madrid June 28, 2011. NOTE: Cyclinic does not provide any shock damper nitrogen inflation services. WARNING 3): Cyclinic takes no responsibility for any damages as a result of the use of this service kit. DO NOT attempt to disassemble any portion of a FOX suspension product, unless expressly instructed to do so by the applicable FOX technical documentation, and then ONLY while strictly adhering to all FOX instructions and warnings in that instance. DO NOT puncture, incinerate or crush any portion of a FOX suspension product. Suspension misuse can cause property damage, SERIOUS INJURY OR DEATH.
WARNING 2): FOX suspension products contain pressurized nitrogen, air, oil, or all 3. Improperly serviced products can fail, causing the rider to lose control resulting in SERIOUS INJURY OR DEATH. If you have any doubt whether or not you can properly service your FOX product, then DO NOT attempt it. WARNING 1): FOX products should be serviced by a qualified bicycle service technician, in accordance with FOX specifications. Please consider the warning notice's below before proceeding with the purchase of this item. Complete and genuine Fox shock damper service kit.
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