CaixaBank and Bankia merger to start sector consolidation
Bankia and CaixaBank have opened a new chapter in Spanish bank consolidation, having announced that they are undergoing preliminary discussions about a merger. Analysts welcomed the development and believe that it will mark an important test for consolidation in the Spanish banking sector.
The pair said on Thursday that they were exploring a potential all-share merger.
Bankia’s additional tier one (AT1) bonds rallied over a point on the news on Friday morning.“The strategic and financial implications [of the merger] are positive,” said Paola Biraschi, European banks senior analyst at CreditSights. ...