* Spain's biggest savings bank seeks to float 20 percent
* Likely to wait for six month run of merged results-lawyers
* Still has to find chief executive officer
By Sonya Dowsett
MADRID, April 27 (Reuters) - Spain's biggest savings bank, Bankia, is likely to float in the second half of the year, legal sources said, as it attempts to get the best price for a stock market listing aimed at boosting capital levels.
Bankia, a merger of seven savings banks led by heavyweight Caja Madrid, has said it plans to list more than 20 percent of its capital on the stock exchange to hike its core capital up to tough new government minimum levels.
Spain has forced its banks to shore up their capital levels to reassure global markets about the stability of a financial system shaken by a lethal combination of stagnant economic growth, high unemployment and a property market collapse.
A Bankia spokeswoman declined to give a date for the listing, reiterating the bank will wait for favourable market conditions. Bankia has said it will carry out a capital hike aimed at private investors if market conditions prevent a stock market listing.
Bankia will likely wait until after June, when it has six months' worth of financial statements to present a convincing case to potential investors, said two Madrid-based lawyers who have advised savings banks on recapitalisation plans.
The bank also needs to get a chief executive officer in place and plan its board, one lawyer said, making a listing before the summer lull unlikely.
Bankia needs 1.8 billion euros ($2.6 billion) to meet the 8 percent core capital ratio requirements set by the Spanish government.
The bank, chaired by former International Monetary Fund (IMF) Managing Director Rodrigo Rato, said earlier this month it would hive off its riskier assets, such as foreclosed land, before going to market with assets of 275 billion euros and a net worth of 12 billion euros.
Bankia has named Lazard as adviser for the listing and Bank of America Merrill Lynch, Deutsche Bank, JP Morgan, UBS and Bankia itself as global co-ordinators.
Meanwhile, Barcelona-based peer La Caixa plans to move its banking business into its already-listed industrial holding unit, Criteria, at the beginning of July in a move announced in January. ($1=.6817 Euro) (Reporting by Sonya Dowsett; Editing by Jon Loades-Carter)