The Spanish Competition Authority clears a merger between two national banks (Bankia / Caixabank)

The Spanish Competition authority (“CNMC”) has cleared Caixabank’s acquisition of state-owned financial entity Bankia in phase I, subject to conditions. This transaction gives rise to the merger between the third and the fourth largest financial entities in Spain, with 660 billion euros worth of assets. Moreover, it is expected for the new entity to lead the Spanish market for banking services, especially in retail banking segments. According to the CNMC, the merger affects the following markets, where both parties are simultaneously present: banking services (retail banking, corporate banking, investment banking and factoring); Point of Sale (“POS”); Automated Teller Machine (“ATM”); production and distribution of insurance;

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Candela Sotés Macaya, The Spanish Competition Authority clears a merger between two national banks (Bankia / Caixabank), 23 March 2021, e-Competitions March 2021, Art. N° 100320

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