Spain will probably begin the privatisation of bailed-out Bankia with the sale of a 5 to 10 percent stake to institutional investors, the bank's Chairman Jose Ignacio Goirigolzarri said in an interview published on Sunday.
The sale of the bank, in which the government holds a 68.4 percent stake through its restructuring fund FROB, will be carried out in phases over the next few years, Goirigolzarri told newspaper ABC.
(Read more: Bankia CFO: 'We're focused on value generation')
"The most likely privatisation process is similar to that of Lloyds," he said, referring to the successful sale by the British government of a 6 percent stake in partly-nationalised Lloyds last September for £3.2 billion ($5.4 billion).
"The first (stake sales) will be smaller than the rest. We're thinking of between 5 and 10 percent. And it will be placed with many institutional investors."