Spanish bailed out lender Bankia will sell its business in Miami, Chairman Jose Ignacio Goirigolzarri said on Wednesday.

The lender plans to shrink some activities as part of a restructuring plan, slash its workforce and bank branches and shed 50 billion euros ($65 billion) of assets.

Bankia is one of several Spanish banks due to receive European aid.

(Reporting by Jesus Aguado, writing by Sarah White, editing by Tracy Rucinski)