CaixaBank, Bankia approve merger – MarketWatch


The boards of CaixaBank SA and Bankia SA have approved a merger that will create a leading Spanish domestic bank with assets of more than 650 billion euros ($770.22 billion).

Under the terms of the agreement, Caixa will absorb Bankia, and Bankia shareholders will get 0.68 shares in Caixa for each share they own, the lenders said Friday.

The banks target cost synergies of roughly EUR770 million per year, while also expecting to generate new annual revenue of EUR290 million. Caixa’s earnings per share is expected to increase by 28% compared with market expectations for 2022.

The Spanish state’s stake in the new entity will be around 16%. La Caixa Foundation will hold roughly 30% of the combined entity.

The deal is expected to be close in the first quarter of next year, while shareholders of both banks will probably vote on the agreement in November.



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