Three-way merger creates Spain’s 7th biggest banking group
Spanish banks Liberbank, Ibercaja Banco and Banco Cajatres have approved their merger plan, creating the seventh biggest financial group in Spain.
The three banks will have combined assets of €114bn and turnover of €181bn, the banks confirmed in a joint statement.
They added the three- way merger is based on the complementarity of the former savings banks and will see a strong consolidation in the troubled Spanish financial system.
Liberbank was created following the merger of three savings banks in Spain’s Asturias, Extremadura and Cantabria regions, while Cajatres was formed from combining Caja Inmaculada, Caja Circulo de Burgos and Caja Badajoz.
Banks also confirmed they have not received public support to complete the merger.
The group will be headquartered in Madrid, with operational bases across Spain.