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Bankia IPO trial to begin Nov. 26

The trial over Bankia SA's 2011 IPO will start Nov. 26 following six years of investigations and will last until June 2019, Expansión reported June 7.

The newspaper said that about 30 of the bank's former directors and advisers will be on trial, including former President Rodrigo Rato, for whom the public prosecutor is asking for five years in prison for alleged fraud connected to the bank's listing.

Rato, a former head of the IMF, has already been given a 4.5-year prison sentence after being convicted in a separate case regarding the use of secret Bankia credit cards, known as "black cards."

Bankia was bailed out for more than €20 billion in state funds in 2012, a year after its listing on the stock market.