Bankia and CaixaBank continue taking steps towards the creation of the largest Spanish bank by assets. Both entities have put the conditions for the merger agreement on track and it will be the boards of directors that will vote tomorrow on the approval of the operation, as confirmed by financial sources to elDiario.es.
Both entities announced on August 4 that they were undertaking a negotiation to unite the banks into a single group, in which it will be one of the largest financial operations in recent years in Spain. Since then, the leaders of both banks have been negotiating the general lines of the merger, such as the exchange of the shares that would correspond to each one, the trademark or the headquarters.
In this process, each entity has studied in detail the accounts and information of the other in a procedure known as due diligence. Bankia has been advised by EY and Rothschild, while CaixaBank has been supported by Morgan Stanley and Deloitte.