The Spanish Competition Authority clears a merger between the third and fourth-largest banks in the country subject to conditions (Bankia / Caixabank)

The CNMC clears, subject to conditions, the merger by absorption of BANKIA, S.A. by CAIXABANK, S.A.* In order to address the risks observed in certain retail banking segments, as well as in the ATM market, Caixabank has offered remedies that allowed the CNMC to approve the merger. Madrid, 23 March 2021. The CNMC has cleared the merger by absorption of BANKIA by CAIXABANK in phase I. The deal is subject to compliance with the conditions offered by CAIXABANK (C/1144/20), and gives rise to the merger of the third and fourth largest banks in Spain. The resulting entity will become the leader in the market for banking services, specifically in all retail banking segments. Apart from the banking services market (retail banking market, corporate banking, investment banking and factoring