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Gobierno de España - Ministerio de Hacienda y Función Pública

Privatization file:ARGENTARIA



Argentaria was created in 1991 for grouping different state-owned credit agencies; BEX, BCI, BHE, BCL, BCA and Caja Postal. In 1999 announced its merger with BBV, which gave rise to the bank BBVA.
State-owned equity remaining
% stake sold State-owned equity remaining
29.2% (last phase) 0%
Type of deal Buyers Date SEPI CCP's report Government approval
IPO Listing 19/12/1997 January 1998 16/01/1998


Argentaria's privatization materialized through four IPOs, of which the first two took place in May and November of 1993, for the 24.99 and 23.35 per cent of its corporate capital, respectively; on March 1996, for 25 per cent and on February 1998 happened the fourth and last IPO of Corporación Bancaria de España, Argentaria. In total, through the fourth IPO, 37.5 million shares, representing 29.2 per cent of the third Spanish banking group was put to sale, which made up the totality of the shares in the hands of the State. The three million of shares which belonged to SEPI, representing 2.45 per cent of Argentaria's capital, were destined to the green-shoe.

The aggregate demand oversubscribed the offer 18 times, and 26 times in the tranche for private investors. The share's price for the private investors tranche was of 62.85 euros. The total income amounted to 2,268 million euros.

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