Factbox: The Caixabank and Bankia merger in numbers

MADRID (Reuters) - Caixabank CABK.MC and state-owned Bankia BKIA.MC on Friday announced the details of a merger to create Spain's biggest domestic bank by assets.

People walk past branches of Bankia and Caixabank during the coronavirus disease (COVID-19) outbreak in Madrid, Spain, September 18, 2020. REUTERS/Juan Medina

Following are some key figures:


- Caixabank offered 0.6845 shares for every share in Bankia, valuing the state-controlled lender at 4.3 billion euros ($5.10 billion) or 1.41 euros per share.

- Caixabank CEO Gonzalo Gortazar told analysts there was no need to raise capital to finance the deal.

- Caixabank said the all-in share deal represents a premium of 20% versus closing prices on Sept. 3 and a premium of 28% over the last three months.

- Bankia’s valuation at Thursday’s market close was 4.4 billion euros.

- Shares in both banks jumped after news of the talks first came, giving them a combined market capitalisation of over 16 billion euros.


- New lender will leapfrog Santander SAN.MC and BBVA BBVA.MC in Spain, with more than 664 billion euros in total assets, including Caixabank's assets in its Portuguese unit BPI.

- The new group will be named Caixabank while Bankia as a commercial brand will be dropped gradually.

- It will have 51,500 employees in Spain and 6,300 branches, the banks said. Gortazar said talks on how to reduce overlaps will be held with unions once the transaction was closed.

- It will have more than 20 million customers and a 24% market share in deposits; 25% in loans and 29% in long-term savings products.

- It will have a non-performing loan ratios of 4.1%.

- Bankia’s Jose Ignacio Goirigolzarri will serve as executive chairman, but with limited powers.

- Caixabank CEO Gortazar will be chief executive.

- The legal headquarters will be in Valencia, while maintaining operating headquarters in Madrid and Barcelona.


- The banks estimate the new group’s return on tangible equity ratio (ROTE) at more than 8% in 2022.

- They said they expected to achieve a fully loaded core Tier-1 ratio of around 11.3% in the first quarter after the transaction.

- Caixabank and Bankia aim to generate annual recurring cost savings of 770 million euros by 2023 and generate revenue synergies amounting to 290 million euros annually over a period of five years.

- Expected restructuring costs are 2.2 billion euros, which Caixabank intends to fully offset with a bad will, which occurs when an asset is brought below book value.

- Gortazar also said there was no doubt the deal will lead to higher dividends.


- Caixabank will hold 74.2% of the new bank, while Bankia will have 25.8%.

- The foundation of La Caixa, through Criteria, the parent company of Caixabank, will own around 30% of the new lender. Before the merger, the foundation had 40% stake in Caixabank.

- Spain, via state bailout-fund FROB, will hold 16.1% in the combined lender, having held 61.8% in Bankia previously.

- Shareholders meetings at Caixabank and Bankia will be held in November to legally approve the deal, which lenders aim to close by the first quarter of 2021.

Editing by Ingrid Melander, Jose Elias Rodriguez and Jason Neely