Take a fresh look at your lifestyle.

CaixaBank and Bankia give the green light to the merger that will create the largest bank in Spain


The boards of directors of CaixaBankia and Bankia have given the green light this Thursday to the merger that will create the first bank in Spain, with assets of 664,027 million euros.

Both companies have summoned the media tomorrow at the CaixaBank headquarters in Valencia where they will be announced all the data that will mark the corporate movement.

The first initial valuations indicate that each Bankia share could give the right to receive 0.7 CaixaBank shares. Faced with an operation of these characteristics, the exchange equation usually captures all eyes and in this case with more reason.

Criteria should not fall below the 30% threshold in shareholders of the resulting group so that the 'La Caixa' Foundation did not lose tax benefits, a requirement that is also included in an internal protocol and whose failure would imply the assumption of a series of costs. In addition, the FROB requested, at least, a 20% premium over Bankia's listing.

Today's meeting has kicked off an operation that will create a group with assets amounting to 650,000 million euros, some 6,600 branches (4,400 the entity of Catalan origin and more than 2,200 the nationalized entity) and a joint workforce of more than 51,000 employees (almost 35,600 CaixaBank and some 16,000 Bankia), which would promote significant synergies.

Jose Ignacio Gorigolzarri, current president of Bankia, will continue to play a very important role in the results entity. El Confidencial points out that it will control auditing, secretariat and communication at CaixaBank. Although it will be on Gonzalo Gortázar, CEO of CaixaBank, who will bear the greatest weight.

The State, through the FROB, will most likely have presence on the board of directors of the resulting entity. An entity that will keep the CaixaBank name and the tax headquarters will remain in Valencia.

. (tagsToTranslate) CaixaBank (t) Bankia (t) green (t) merger (t) will create (t) largest (t) bank (t) Spain (t) Category: All (t) Category: Company News (t) Category : Europe Report (t) Category: International News (t) Category: Pulsos (t) Category: Pulsos Europa (t) Category: Sectorial: Finance (t) mostread_ultimas (t) mostread_fundsnews (t) mostread_empresas (t) mostread_internacional

Leave A Reply

Your email address will not be published.