Small fry to lose big in Bankia's revival bid

Spanish lender Bankia will wipe out 350,000 shareholders, many of them small savers with little knowledge of financial markets, after it emerged it had a negative value of €4.2 billion (HK$42.97 billion).

The measure, which will hit shareholders who were encouraged by aggressive marketing tactics to invest in the company, is seen as vital if the nationalised bank is to be refloated.

via Business feed http://www.scmp.com/business/banking-finance/article/1113828/small-fry-lose-big-bankias-revival-bid