9/7/2020, 11:48 AM (Source: TeleTrader)
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Bankia-Caixa merger good for Spanish economy - PM

Spanish Prime Minister Pedro Sanchez on Monday described the potetial merger of Bankia and CaixaBank as "very positive" for the country's economy from a "financial and territorial point of view" as the announcement was "well received by investors."

"If this merger takes place, it will be the first bank in Spain and the twelfth in Europe," Sanchez noted.

Earlier this month, it was announced Bankia and CaixaBank are negotiating over a possible merger that would create the country's largest domestic lender with assets worth over €650 billion.

Breaking the News / JR