Deals
CaixaBank, Bankia Mull Deal to Form $17 Billion Spanish Bank
- Deal would likely see CaixaBank take over smaller Madrid rival
- Takeover could reignite bank consolidation across Europe
A pedestrian passes a CaixaBank SA bank branch in Barcelona.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Spain’s CaixaBank SA and Bankia SA are exploring a merger to form the largest lender in the country and kickstart consolidation in one of the hardest-hit European economies during the pandemic.
The firms are examining an all-share transaction, CaixaBank said in a statement overnight, in a deal that would create a lender with a combined market value of about 14 billion euros ($16.6 billion) as of Thursday. The talks are in an advanced stage and an agreement could be reached as soon as next week, according to two people familiar with the matter.