CaixaBank and Bankia unveiled on Friday the details of their planned merger, envisioned as the future biggest bank in Spain. According to their joint statement, the institution will keep the name and the brand of CaixaBank, which will 0.6845 of its shares for every Bankia's stock.
"With this operation, we will become the leading Spanish bank at a time when it is more necessary than ever to create entities with significant size, thus contributing to supporting the needs of families and companies, and to reinforcing the strength of the financial system," said Bankia's chief executive officer (CEO) Jose Ignacio Goirigolzarri, who is to become the executive chairman of the new bank, while his CaixaBank counterpart Gonzalo Gortazar is to be named its CEO.
Earlier this week, the boards of both banks approved the proposed €14 billion merger deal, which would bring together the assets of more than €664 billion.
