(MENAFN- Qatar News Agency) Spain's fourth-largest bank, Bankia, requested 19 billion euros-worth of loans from the government, after it a reviewed its accounts in 2011 which revealed a loss of three billion euros.
The bank will be nationalized by obtaining this government assistance, announced in February that it achieved a net profit of 309 million euros in 2011.
A press statement by the bank said that the reforms introduced in the loan portfolio, real estate assets that were confiscated and determining the market value of the bank's contributions, revealed a negative performance for the year 2011 valued at 2.979 billion euros.
Bankia is the largest Spanish loss-stricken bank, it has real estate portfolio valued at 37.5 billion euros, most of it (31.8 billion euros) of unsecured loans or forfeited houses.
The bank announced changes in its board of directors that only the Director-General Francesco Verdu will remain in office, and the new board will consist ten member compared to 18 in the previous board.
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