CaixaBank is the third largest bank in Spain by assets, whilst Bankia is the fifth. Together, the two would hold assets of more than €650b ($768b) and would be taking on Spain’s two largest banks – Banco Santander and Banco Bilbao Vizcaya Argentaria (BBVA).
Together, the two would be taking on Spain’s two largest banks – Banco Santander and Banco Bilbao Vizcaya Argentaria (BBVA). They would be the largest lender in Spain by loans, assets and deposits, according to Citigroup calculations. Citi also estimates it would have a market share in Spain of 23% by assets, 26% by loans and 24% by deposits. Sources told Bloomberg that Bankia chairman Jose Ignacio Goirigolzarri would be chairman of the new entity. CaixaBank’s Gonzalo Gortazar would step in as CEO. Whilst Caixa Foundation would hold the largest stake in the new venture – sitting at about 30% – Spain’s bank rescue fund ‘Frob’ would hold about 17%, according to Citi.