MADRID, Feb 1 (Reuters) – Spanish bank Ibercaja has postponed its IPO due to volatility in international markets, the bank said in a statement to the Madrid market regulator on Tuesday.

Ibercaja’s board “has agreed to wait for the markets to return to a normal situation before proceeding with its IPO,” the bank said.

A source familiar with the matter told Reuters on Tuesday that Bank Ibercaja is now expected to list its shares on the Madrid stock exchange in April, initially postponing it until mid-February.

In a statement released on Tuesday, Ibercaja has just added that as part of its ongoing preparations for its IPO, it will proceed with the presentation of its 2021 annual accounts in the coming weeks.

Spanish authorities have given former savings banks like Ibercaja until the end of this year to go public or raise funds to reduce stakes held by foundations as part of a post-crisis bank bailout 2012 financial.

Earlier in January, Ibercaja had officially announced its intention to float.

Ibercaja, which has total assets of 58 billion euros ($66 billion), said the offer would be for existing shares held by the Ibercaja Foundation, which currently owns just over 88% of the bank.

Through the IPO, the foundation would reduce its stake in the bank to around 46%.

As banks grapple with the pressure of ultra-low interest rates, Ibercaja aims to raise its return on tangible equity ratio, a measure of profitability, from currently 7.2% to around 9% in the medium term. through cost and expense reduction measures in its more profitable business areas.

Reporting by Inti Landauro and Jesús Aguado; Editing by Mark Potter

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