Davis Polk advised Bankia, S.A. on its €3.092 billion Rule 144A/Regulation S initial public offering of its ordinary shares. Bankia, Merrill Lynch International, Deutsche Bank, J.P. Morgan Securities Ltd. and UBS Limited acted as joint global coordinators and joint bookrunners of the offering. This is the first initial public offering to be conducted by former Spanish savings banks and is the largest initial public offering in Spain since December 2007.

Bankia is the result of the recent integration of seven previously independent Spanish savings banks: Caja Madrid, Bancaja, Caja Insular de Canarias, Caja Ávila, Caixa Laietana, Caja Segovia and Caja Rioja. Bankia serves approximately 11.2 million customers and is the largest bank in Spain in terms of total assets, with total pro forma consolidated assets of €272 billion as of March 31, 2011.

The Davis Polk corporate team included partners Michael J. Willisch and Andrés V. Gil and associates Ester del Valle Izquierdo, Sonia Rodríguez, Amy T. Alter and summer associate Gabriel A. de Corral. Partner John D. Paton and associate Adam B. Perry provided tax advice. Associate Catherine L. Martin and summer associate Alice Z. Chen provided 1940 Act advice. Members of the Davis Polk team are based in the Madrid, Paris, London and New York offices.