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Bankinter to spin off, list insurer Linea Directa in late April

Reuters
·1-min read
FILE PHOTO: A Bankinter logo and books containing annual results can be seen during the annual shareholder meeting in Madrid, Spain

MADRID (Reuters) - Spanish bank Bankinter said on Tuesday it plans to spin off insurance unit Linea Directa and list its shares on the stock market through an initial public offering in late April.

Bankinter, which has secured the European Central Bank's approval for the operation, expects Linea Directa to have a market value of 1.43 billion euros after the IPO, it said in a statement.

Linea Directa's share price would start at 1.318 euros per share and Bankinter would retain a 17.4% stake after the IPO.

(Reporting by Inti Landauro and Tomas Cobos; editing by Jason Neely)