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Friday, January 11, 2013

Bankia looks to Goldman to advise on U.S. sale, (NYSE: CYN)

Spanish state-rescued lender Bankia is in advanced talks with Goldman Sachs about hiring the U.S. bank as its advisor on the sale of its Miami business, two sources with knowledge of the negotiations said on Friday. "It's almost a done deal that Goldman will be hired but the deal has not been closed yet," said one of the sources.At the end of November Bankia's chairman Jose Ignacio Goirigolzarri said that City National Bank of Florida (CNB) would be among assets due to be sold off as part of its enforced restructuring.The two sources said it was too early to put a price on the sale.Caja Madrid, one of the seven regional savings bank which joined to form Bankia in 2010, paid $927 million when it bought a 83 percent stake in CNB in 2008. It bought the remaining stake at a later date, without disclosing the price.

City National Corporation (the Corporation) is a bank holding company and a financial holding company. Shares of CYN fell by 0.75% or $-0.39/share to $51.63. In the past year, the shares have traded as low as $45.03 and as high as $54.83. On average, 391457 shares of CYN exchange hands on a given day and today's volume is recorded at 4843.