Bankia has hired lead managers and advisers for its stock market flotation, Financial Times reports. The new group formed by unlisted Spanish savings bank Caja Madrid and six smaller cajas has appointed Lazard as advisor

Bankia has named Bank of America Merrill Lynch, Deutsche Bank, JP Morgan Chase and UBS to coordinate its IPO. Bankia needs to raise $2.5 billion through its public listing to meet the government’s requirement for core capital of 8%, adds Reuters.

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