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Report: Ibercaja Banco weighs plan to carry out IPO in early 2019

Spain's Ibercaja Banco SA is considering moving its plans to carry out an IPO to early 2019, Reuters reported Jan. 11, citing a source with knowledge of the process.

Spanish law requires former savings banks such as Ibercaja to either go public or raise funds to reduce stakes held by foundations as part of the terms of the EU's bailout of Spanish banks following the financial crisis. In March 2018, Ibercaja Chairman José Luis Aguirre Loaso said the lender has opted to list its shares at the end of 2020, the newswire noted.

Such a move will allow the bank to have more windows of opportunity to list until 2020-end in the event of a hard Brexit or if there is a delay on interest rate hikes in Europe, the source reportedly said.

Spanish newspaper Expansión earlier reported that the lender intended to list 40% of its capital and that the listing could take place this spring, Reuters noted.

Ibercaja could be valued at approximately €1.5 billion, based on comparable banks' valuation, several sources told the newswire.