Bank runs in Spain; 1 billion euros pulled in week...
May 17, 2012 12:20 pm
Bankia hit by withdrawl report
By Alexandra Stevenson
ft.com
Shares in Bankia, the Spanish bank that was part-nationalised last week, plunged by more than a quarter on Thursday morning, after a report that customers had withdrawn €1bn from the bank over the past week.
Shares fell 27 per cent to €1.21 after El Mundo, a national Spanish newspaper, reported customers had withdrawn the sum, citing information from a recent board meeting.
Spain’s stock market regulator has placed shares “under auction”, a process used to allow market participants to better cope with heavy trading volumes.
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On Thursday morning shares in Banco Popular tumbled 7.1 per cent to €1.86, while Bankinter fell 5 per cent to €2.94. Caixabank, Spain’s biggest domestic retail lender by number of customers, fell 3.8 per cent to €2.19.
More: http://www.ft.com/intl/cms/s/0/187a0562-a00a-11e1-90f3-00144feabdc0.html#axzz1v82jB1nV
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