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TMCNet:  Former president of Bankia named advisor for Telefonica

[January 04, 2013]

Former president of Bankia named advisor for Telefonica

MADRID, Jan 04, 2013 (Xinhua via COMTEX) -- Former president of Bankia, Rodrigo Rato, was named on Friday as advisor within Spanish telecoms giant Telefonica's boards for European and Latin American businesses.

Telefonica, which is the largest telecommunication's company in Spain, said this decision will contribute to "reinforce the global vision of Telefonica." Rato, who worked as chief of Bankia from September 2011 to May 2012, is under investigation along with 32 other Bankia board members over alleged fraud and price-fixing among others.
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Bankia, which is the fourth largest bank in Spain, was created in 2010 as a result of a merger of seven saving banks.

It is being bailed out by the state for some 18 billion euros (about 24 billion U.S. dollars) from a rescue fund set up by the 17 European Union nations that use the euro.

Apart from Bankia, Rato worked as managing director of the International Monetary Fund (IMF) between 2004 and 2007 and was Spain's Minister of Economy between 1996 and 2004.

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