Huge merger in banking completed – Capital

Major bank merger has been completed in Spain.

24.09.2020 12:15:000

Bankia and Caixabank formed Spain’s largest bank with a total asset value of over 660 billion euros. The bank will have 20 million customers and a quarter of all loans and deposits in the country.

Explaining that it started negotiations to buy Bankia at the beginning of the month, Caixabank announced that it has completed the agreement that will form Spain’s largest local bank with a total asset value of over 660 billion Euros.

According to CNN’s report, the new formation will have 20 million customers and a quarter of all loans and deposits in the country.

More importantly, banks predict that they will merge to save 770 million euros annually in costs and earn an additional 290 million euros in revenue.

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