Monday, August 2

Caixabank and Bankia anticipate that they will be a single entity this Friday 26


Madrid

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Bankia will disappear as a company this Friday, March 26. Or at least that is what the entity anticipates, and also the absorbing entity, Caixabank, because everything is subject to receiving the green light for the operation by the company in the next three days. National Commission of Markets and Competition (CNMC) and the Ministry of Economic Affairs. Both firms have communicated this to the National Securities Market Commission (CNMV) this morning.

Competition has been requiring abundant information from both banks these months to give their approval to the merger, whose announcement dates from September 2020. It is the most complex concentration process that the CNMC of Cani Fernández and Still today there is no certainty that the go-ahead will arrive on time this week, which would force the legal integration to be delayed for a few days. Time is running against schedule and, officially, no decision has yet been made by the competent authority.

The forecast is that Bankia SA, which today held its last general meeting of shareholders, disappear from the Mercantile Registry of Valencia as an independent entity already this Friday, after which the listing of their securities on the Ibex 35 will be suspended. What both entities anticipate is that on Monday, March 29, they will be a single bank and that only Caixabank titles appear. After that will come the process of technological integration, whose deadlines are set to end at the end of 2021.

CaixaBank will attend to the exchange of the merger by handing over to Bankia shareholders 0.6845 newly issued CaixaBank shares, with a nominal value of one euro each, with the same characteristics and with the same rights as the CaixaBank shares existing at the time of issue, for each Bankia share, with a nominal value of one euro, without additional compensation in money . This was agreed in the merger project, in which it is also established that the bank of Catalan origin will have to carry out a millionaire capital increase to give entry to the shareholders of the entity controlled so far by 61.8% by the FROB (the state).

The new bank

Fundación La Caixa -through the CriteriaCaixa de Isidro Fainé holding- will hold 30% of the share capital. This was one of the red lines of the main shareholder of Caixabank, to avoid losing certain tax benefits to which you are entitled by overcoming that percentage barrier. Likewise, in the new bank, the public participation will be 16.1%, so that the FROB It will no longer have a position of control over any financial firm, as its participation is diluted. However, there is a notable change regarding the direct participation of the State: the FROB remains with a chair in the new board of directors, which will be occupied by Teresa Santero, who was Secretary General of Industry in the Government of José Luis Rodríguez Zapatero.

José Ignacio Goirigolzarri, current president of Bankia, will occupy the same position in the new Caixabank, although his executive functions will be limited. Gonzalo Gortázar will remain as CEO and Chief Executive Officer. Jordi Gual, current president of Caixabank, will leave the entity this week and will continue his path in teaching; He will rejoin IESE, one of the most prestigious business schools in Spain, where he was already a professor several decades ago.

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