Banco Financiero y de Ahorros (BFA) and Bankia have put 12.597% of NH Hoteles up for sale.

BFA, through its subsidiary BFA Participadas Cotizadas, controls 4.53% of the hotel operator, while Bankia owns 8.07%.

On 22 November the BFA-Bankia Group signed terms of reference with JB Capital Markets for the latter to seek out offers for the stake in NH Hoteles.

The sale will be carried out in an expedited market placement process led by JB Capital Markets Sociedad de Valores, S.A. (as sole-bookrunner), in which Bankia Bolsa Sociedad de Valores, S.A. will also participate (as co-bookrunner).

The sale forms part of the Strategic Plan 2012-2015 presented by the BFA-Bankia Group on 28 November 2012, which included a number of disinvestments.

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