CaixaBank are studying their merger within the consolidation process of the banking sector to strengthen themselves against the impact of the coronavirus pandemic, as both entities reported this Thursday night to the National Securities Market Commission.
If the operation is confirmed, the State would go from owning 61.8% of Bankia to having 14% of the new merged entity, whose main shareholder would be Fundación La Caixa, which would have around 30%, with the equation of exchange taking into account the current prices of both banks.
The operation must have the approval of the Government and would give rise to the largest bank in the country, with 650,000 million euros in assets in Spain, although without the international presence of Santander and BBVA.
Earthquake in the Spanish banking sector nationalized Bankia and CaixaBank are negotiating their merger. Both entities confirmed late on Thursday the negotiations carried out by the digital publication Ara. Thus, the Catalan entity CaixaBank indicated that “after authorization from its board of directors.
It is in negotiations with Bankia to analyze a merger between the two entities, without any agreement being reached in this regard, beyond the signing of a confidentiality agreement to exchange information to assess the operation, within a due diligence , counting on advisers for the operation ”.
For its part, the old Madrid bank, in a very similar statement, confirmed “contacts with CaixaBank, with the knowledge and authorization of the board of directors, to analyze a possible opportunity for a merger between the two entities.”
The BFA-Bankia group had to be rescued in 2012 with an injection of public money of 22,400 million s, of which eight years later only 3,300 million have been recovered through the sale of shares and the dividends distributed by the bank.
The merger would have been forging for months in response to the need for bank consolidation that has been demanded by both the Bank of Spain and the European Central Bank (ECB) to reinforce themselves in the face of the havoc that covid-19 may be causing on bank accounts .