Bankia SA : Bankia offers more than €3,100 million in pre-approved loans to companies
02/18/2013| 08:59am US/Eastern
These credit lines that the bank offers to small and medium sized companies provide automatic access to credit.
The bank's strategic plan seeks to ensure that 84% of new credit granted until 2015 is for corporate customers.
Bankia's corporate customers have been offered more than €3,100 million in financing through pre-approved credit lines.
This initiative, which will benefit more than 6,400 companies across the whole of Spain, is designed to facilitate access to credit by small and medium sized companies.
The bank's strategic plan seeks to ensure that 84% of new credit granted until 2015 is for corporate customers.
These credit lines that the bank has opened for its corporate customers, automatically grant them access to credit.
By autonomous region, this product is being offered to 1,300 companies in Catalonia, with more than €800 million in pre-approved loans; 1,600 companies and €700 million in the Madrid Region; and more than 650 companies and €330 million in the Valencia Region.
All of this forms part of the bank's strategic plan, which seeks to increase the level of SME business in the loan portfolio, ensuring that 84% of new credit granted until 2015 goes to the business sector.
ICO facilities
Last year Bankia also agreed more than 7,600 loan transactions linked to the Official Credit Institute's (ICO) various facilities, brokering a total of €1,226 million.
Bankia had a 10.6% market share of the ICO's second-floor facilities, ranking it fourth among the Institute's sales institutions. It was especially active in the ICO's liquidity facility (14.2%), SGR facility (11.6%) and Internationalization facility (8.1%).
Through these facilities, companies in the Madrid Region obtained €472 million in loans through 1,960 transactions, followed by the Valencian Region with €192 million and 1,396 transactions, and Catalonia, where local companies received nearly €136 million in 900 transactions.
The strategic plan 2012-2015 approved by Bankia seeks to increase the percentage of companies in the loan portfolio from 33% (after the effect of the transfer of real estate assets to SAREB) to 38% within three years. Of the €51,700 million in new credit that Bankia intends to grant until 2015, companies will receive a total of €43,500 million.