The board of directors of Spain's troubled bank, Bankia SA, has said it has agreed to ask for $23.8bn in state funds.
In a statement released late Friday the bank's president, Jose Ignacio Goirigolzarri said the recapitalization "reinforced the solvency, liquidity and solidity of the bank".
The decision came on the same day as credit rating agency Standard & Poor's downgraded Bankia and four other Spanish banks to junk status because of uncertainty over restructuring and recapitalization plans.
Nadim Baba reports.
