Spain’s Bankia and Banca Mare Nostrum (BMN) are set to execute their IT integration on the 19 of March thus culminating the banking merger.
From that date, both entities will operate as a single one for all purposes with BMN clients enabled to carry out any transaction through the 1,647 branches of Bankia, use its 5,026 ATMs and have access to its products.
Some 8.2 million clients will be affected by the IT integration, of which 6.5 million belong to Bankia and the remaining 1.7 million to BMN.
Through the operation, BMN – with nearly eight years of history – wil disappear, while Bankia will become the fourth Spanish bank by assets, credits and deposits.
The merger by absorption of BMN, which was paid by shares of Bankia, is going to be finalised in two months and a half following Bankia’s regulatory approval from ECB to absorb BMN earlier this year.