BFA Says Doesn’t Plan to Convert Preference Shares Into Capital

BFA-Bankia Chairman Jose Ignacio Goirigolzarri said the bank does not expect to turn preference shares into capital and that the entity is still working on a plan for the instruments.

“We don’t forecast that the solution will be to turn them into capital,” he told a briefing to reporters today in Madrid. “We’re working on it and we want it to be as soon as possible, and before the shareholders’ meeting on June 29.”

To contact the reporter on this story: Sharon Smyth in Madrid at ssmyth2@bloomberg.net

To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net