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Spain extends deadline for ex-savings banks' IPOs due to coronavirus

Reuters
·1-min read
European Union finance ministers meet for monthly talks in Brussels

MADRID (Reuters) - The Spanish government on Tuesday agreed to extend this year's deadline for former savings banks such as Ibercaja to go public, as part of a set of coronavirus relief measures, Economy Minister Nadia Calvino said.

She would not provide further details, but a government source said that the deadline would be extended until 2022.

Former savings banks, including Ibercaja, are required by law to go public or raise money to cut stakes held by foundations under the terms of a Spanish bank bailout after the financial crisis.

Ibercaja had chosen to go public and had until the end of 2020 to do so.

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"The requirements for banks regarding, in particular, their IPO listing deadlines are modified to make them more flexible in this extraordinary situation," Calvino told a news briefing after the weekly cabinet meeting.

(Reporting By Jesús Aguado, editing by Andrei Khalip)