The
approval from Caixabank's shareholders to create a bank with
more than 650 billion euros in total assets will bring the total
number of banks in Spain down to 11 from the current 12, on par
with countries like in Italy and France, Caixabank's Chief
Executive Officer Gonzalo Gortazar said.
The deal still needs to the approval of the Spain's watchdog
competition CNMC, which could force divestitures in some
businesses or try to limit the impact of the transaction in some
regions where the banks have a dominant market share, such as
Valencia, the Balearic Islands, Catalonia and Madrid.
The economy ministry also has to approve the 4.3 billion euros
($5.21 billion) acquisition of Bankia by Caixabank.
($1 = 0.8257 euros)
(Reporting by Jesús Aguado; additional reporting by Emma Pinedo;
editing by Inti Landauro)
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