Spanish bank Ibercaja postpones IPO due to market volatility

Credit: REUTERS/Juan Medina

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MADRID, Feb 1 (Reuters) - Spanish bank Ibercaja has postponed an initial public offering (IPO) planned for later this month because of the volatility in international markets, the bank said on Tuesday in a filing to the Madrid market regulator.

Ibercaja's board "agreed to wait until the markets return to a situation of normality before continuing with its IPO," the bank said.

Spanish authorities gave former savings banks such as Ibercaja until the end of this year to go public or raise money to cut stakes held by foundations under the terms of a bank bailout after the 2012 financial crisis.

A source close to the matter told Reuters last month the bank intended to list its shares on the Madrid stock market by mid February.

Ibercaja, which has total assets of 58 billion euros ($66 billion), said the offering would be for existing shares held by the Ibercaja Foundation, which currently owns a little more than 88% of the bank.

Through the IPO, the foundation would cut its stake in the bank to about 46%.

(Reporting by Inti Landauro Editing by Jesús Aguado and Mark Potter)


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