Spain's state-owned BRA Bankia, one of many struggling European banks, will receive about $6.30 billion from the nation's bank bailout fund.

Bankia, which is expected to receive the money by the middle of the month, suffered heavy losses in the first half of the year, Reuters said Tuesday.

The funds, which will be packaged as a bridge loan to boost Bankia's reserves, is expected to be augmented by more rescue money from the larger European rescue fund in November.