Bankia is a Spanish banking conglomerate that was formed in December 2010, consolidating the operations of seven regional savings banks. As of 2012, Bankia is the fourth largest bank of Spain with more than 12 million customers. Bankia works to a universal banking business model based on multi-brand, multi-channel management, focused on meeting the financial needs of more than 10 million customers in all segments: individuals, small and medium enterprises (SMEs), large corporations and public and private institutions. Bank's activity is concentrated in Spain, following a business model based on regional diversification. Bankia also has an international presence in in the United States, China, Ireland and Portugal.