Huge merger in the banking sector in Spain

Having decided to merge in Spain, Caixabank and Bankia became the largest bank in the country, with a total asset size of 664 billion Euros, 51,000 employees and more than 6,700 branches.

18.09.2020 15:36:000

Having decided to merge in Spain, Caixabank and Bankia became the largest bank in the country’s domestic market, with a total asset size of 664 billion Euros, 51,000 employees and more than 6,700 branches.

It has been reported that after the merger of the two banks, the name Caixabank will be used, its headquarters will be in Valencia and will serve more than 20 million customers.

It is stated that the shareholding structure of the new bank will be 25.8 percent Bankia and 74.2 percent Caixabank, CriteriaCaixa, 100 percent controlled by the La Caixa Foundation, will remain the reference shareholder of the new bank with a 30 percent share. It was noted that it will have a share of 16.1 percent through the Restructuring Fund (FROB).

Stock mobility after the merger decision

With the merger, significant increases were observed in the shares of the two banks in the stock market.

Bankia Chairman Jose Ignacio Goirigolzarri and Caixabak Senior Manager (CEO) Gonzalo Gortazar, who held a press conference after the merger decision, announced that they will continue the same position in the new bank.

“It is of great value to react in advance and turn it into opportunity in mixed times.” Goirigolzarri noted that they anticipate savings of 770m euros in annual costs with the merger.

Stating that there are three important obstacles to overcome by the banking sector, Goirigolzarri listed them as “changes in consumer habits with the effect of the technological revolution, low profitability in recent years and the crisis caused by Kovid-19”.

On the other hand, Spanish media wrote that following the merger of Caixabank and Bankia, similar mergers could occur in other major banks in the country.

In the news, it was claimed that BBVA’s Banco Sabadell and Santander could also merge with Unicaja and Liberbank, and the Spanish government supported them.

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