CaixaBank & Bankia Potential Merger Could Ease the Impact of COVID-19

On Thursday 3rd of September, CaixaBank SA (CaixaBank, Long-Term Issuer Rating of A) and Bankia SA (Bankia, Long Term Issuer Rating of BBB (high)) reported to Spain's National Securities Market Commission (CNMV) that they were studying a merger between both companies. A proposal to initiate a study and an analysis has been submitted to the governing bodies of both banks. Should the merger succeed, the resultant bank would be the market leader in Spain and the third largest Spanish Banking Group with assets of c. EUR 664 billion as of end-June 2020 (CaixaBank reported EUR 446 billion and Bankia EUR 218 billion at end-June 2020).