The origin of Bankia dates to July 2010, when six savings banks merged to form an Institutional Protection System (in Spanish, a SIP). The resulting group - Banco Financiero y de Ahorros (BFA) - traded under the Bankia brand. The organisation launched on the stock market in July 2011 and was nationalised the following year in the throes of the economic crisis. Chaired by José Ignacio Goirigolzarri, the bank implemented a Restructuring Plan approved by the European Commission, and carried out two strategic plans that would make it the leader in solvency among the large spanish banks. In December 2020, Bankia agreed to merge with CaixaBank.