The boards of directors of Spanish lenders CaixaBank and Bankia gave the green light on Thursday to the proposed €14 billion merger deal that would form the country's largest domestic bank with assets worth over €650 billion, Spanish media reported.
In light of the approval, the top executives of CaixaBank and Bankia, Gonzalo Gortazar and Jose Ignacio Goirigolzarri, will lay out the details of the agreement to the press on Friday.
Earlier this month, Spanish Prime Minister Pedro Sanchez described the potential merger as "very positive" for the country's economy from a "financial and territorial point of view."
