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Four nationalized banks of Spain, including Bankia (BNKXF.OB), will have to reduce their balance sheets by more than 50 percent in five years, slash jobs and impose losses on bondholders so as to receive a euro zone rescue package of €40 billion, or $52 billion, in hopes of ending the country’s banking crisis. The plans were okayed by the European Commission on Wednesday, commencing one of the most far-reaching overhauls of any European banking system since the beginning of the banking crisis in mid-2007.
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Virtu Financial is currently the top bidder for Knight Capital Group (NYSE:KCG) in a potential transaction that might value the brokerage firm in excess of $1 billion, according to inside sources. The latter’s board is expected to receive bids as early as this week from Virtu and also Getco, two of the rival high-speed trading companies.
Shares of MBIA (NYSE:MBI) do not seem to be much affected by its victory Monday over Bank of America Corporation (NYSE:BAC). The latter had made a tender offer for some of MBIA’s bonds, hoping to block the company from changing the terms of certain bond issues so as to protect its municipal bond insurance division in the event of a default by its securitization unit. However, MBIA successfully resisted Bank of America’s tender offer, igniting a one-day rally in its shares and giving back a modest portion of Monday’s gains on Tuesday.
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