Caja Madrid, Spain's second-largest savings bank, will create a holding company for its investments and float the unit later this year, despite the share price of domestic rival La Caixa's investment portfolio dropping 19% since its listing in October.
Caja Madrid said it would group its strategic stakes in financial services companies into a holding company, which it would float in Madrid this year to raise as much as â¬2.5bn ($4bn), according to Reuters. It did not reveal if it had appointed banks for the listing.
