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Bankia and CaixaBank are analyzing the completion of a merger that would give rise to the largest bank in Spain with the aim of strengthening itself, according to the Spanish newspaper ‘El Economista’.
Following the latest recommendations from the sector’s supervisors, the two banks may be preparing for a merger in order to strengthen their position in the Spanish ranking and, by osmosis, in the European financial sector. Bankia had already publicly acknowledged that it would be willing to hold talks for such an operation, but, according to the Spanish newspaper, CaixaBank had made it clear that there was no integration on its agenda.
The approach movement that El Economista has confirmed from sources close to the talks, and the operation may be officially announced in the coming weeks, since it apparently has the support of Bankia’s majority shareholder, the Banking Restructuring Fund (Frob) .
If the negotiations are successful, this public agency can reach 14% of the new entity, according to current market values. The State would go from 61.8% of Bankia to 14% of the new merged entity, whose main shareholder would be Fundación La Caixa, which would have around 30%. The operation would create the country’s leading bank, well ahead of Santander and BBVA.
The operation may have repercussions on the national market, since CaixaBank is the current owner of BPI.
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