Bankia SA saved €400 million in legal fees by agreeing to fully refund retail investors who bought shares in the bank's IPO in 2011, Executive Chairman José Ignacio Goirigolzarri said May 30.

The bank had wanted to give a "quick and agile response" to the matter, Europa Press cited Goirigolzarri as saying.

The Spanish lender was bailed out with €22.4 billion in state aid just a year after its flotation and has been the subject of numerous lawsuits. Bankia said in 2016 that it would fully refund minority shareholders for their initial investment in the bank in exchange for returning their shares to the bank.