Post by account_disabled on Jan 17, 2024 3:34:15 GMT
The merger of CaixaBank and Bankia , which the boards of directors of both entities approved last night, will give rise to the largest bank in Spain by volume of assets, in the absence of approval from the respective General Shareholders' Meetings. This is the most profound concentration process in the Spanish banking sector in recent decades, which in figures is summarized as follows: – Assets : the merger of both entities will give rise to the largest in Spain and the tenth largest in Europe , with 664,027 million euros in assets , adding the 445,572 million of CaixaBank and the 218,455 of Bankia, according to the accounts of the first half of the year. – Branches : CaixaBank and Bankia have a total of 6,727 branches , 4,460 from the CaixaBank network and 2,267 offices provided by Bankia.
– Employees : the sum of both workforces amounts to 51,536 workers , of which 35,589 correspond to CaixaBank and 15,947 to Bankia. – Clients : the new entity will have more than 20 million clients , a share of 25% in credits and 24% in deposits. – Directors : the board of directors of the new CaixaBank, once the absorption of Bankia is completed, will have 15 members , two will be executive directors, three proprietary directors, who Whatsapp Number List represent the interests of the shareholders, nine independent and one external. – State participation : The State participation in the new CaixaBank, once Bankia is integrated into its shareholding, will be 16% , which today is worth around 2,700 million euros, according to the price at which they are trading. the actions of both entities. This implies that the State's participation has revalued by 35% since the operation was announced and will make CaixaBank initially hold 74.2% of the new group and Bankia the remaining 25.8%.
– Shareholders : CriteriaCaixa , an entity 100% controlled by the “la Caixa” Banking Foundation , will remain a reference shareholder of the new CaixaBank with around 30% of the shares. – Share exchange : The exchange ratio will be 0.6845 new CaixaBank ordinary shares for each Bankia share ; This price includes a 20% premium. – Value of the operation : The merger agreement to create the new CaixaBank values Bankia, the absorbed entity, at 4.3 billion euros, 35% more than on September 3, when the talks to create the largest bank in Spain were announced. Spain. – Cost savings : The merger will mean annual cost savings of around 770 million euros , and will increase earnings per share by 28% compared to market estimates for 2022. – Capital ratio : the solvency objectives of the new bank will be set at a CET1 ratio - maximum quality capital - of between 11% and 11.5%, without considering transitional adjustments by IRFRS9 - the new accounting regulations. and in a "buffer" - capital cushion - of between 250 and 300 basis points above the regulatory requirement.
– Employees : the sum of both workforces amounts to 51,536 workers , of which 35,589 correspond to CaixaBank and 15,947 to Bankia. – Clients : the new entity will have more than 20 million clients , a share of 25% in credits and 24% in deposits. – Directors : the board of directors of the new CaixaBank, once the absorption of Bankia is completed, will have 15 members , two will be executive directors, three proprietary directors, who Whatsapp Number List represent the interests of the shareholders, nine independent and one external. – State participation : The State participation in the new CaixaBank, once Bankia is integrated into its shareholding, will be 16% , which today is worth around 2,700 million euros, according to the price at which they are trading. the actions of both entities. This implies that the State's participation has revalued by 35% since the operation was announced and will make CaixaBank initially hold 74.2% of the new group and Bankia the remaining 25.8%.
– Shareholders : CriteriaCaixa , an entity 100% controlled by the “la Caixa” Banking Foundation , will remain a reference shareholder of the new CaixaBank with around 30% of the shares. – Share exchange : The exchange ratio will be 0.6845 new CaixaBank ordinary shares for each Bankia share ; This price includes a 20% premium. – Value of the operation : The merger agreement to create the new CaixaBank values Bankia, the absorbed entity, at 4.3 billion euros, 35% more than on September 3, when the talks to create the largest bank in Spain were announced. Spain. – Cost savings : The merger will mean annual cost savings of around 770 million euros , and will increase earnings per share by 28% compared to market estimates for 2022. – Capital ratio : the solvency objectives of the new bank will be set at a CET1 ratio - maximum quality capital - of between 11% and 11.5%, without considering transitional adjustments by IRFRS9 - the new accounting regulations. and in a "buffer" - capital cushion - of between 250 and 300 basis points above the regulatory requirement.