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CaixaBank, Bankia Boards Approve Combination; New Entity To Maintain CaixaBank Brand

The Boards of CaixaBank and Bankia have approved the plan for the merger by absorption of Bankia by CaixaBank. The Boards of Directors of both banks have approved the exchange ratio of 0.6845 new CaixaBank ordinary shares for every Bankia share. CaixaBank shareholders will initially represent 74.2% of the capital of the new entity, and those of Bankia will make up 25.8%.

The new entity, which will maintain the CaixaBank brand, will be the leading bank in Spain with more than 20 million customers. José Ignacio Goirigolzarri will be the executive chairman of the entity, with Gonzalo Gortázar holding the position of CEO. Independent directors will represent 60% of the total number of directors.

The combined entity's total assets will exceed 664 billion euros. It will have a market capitalisation of over 16 billion euros.

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