Two of Spain’s state owned banks, Bankia and Banco Mare Nostrum (BMN), are currently considering merging together. The merger would take place in mid 2017 once an analysis of the operation is complete, Bankia’s Chairman, Jose Ignacio Goirigolzarri, said last week.
Bankia, Spain’s fourth largest lender and the lesser known BMN would create a new body with assets of more than €240 billion.
“This is an operation that would occur around the middle of next year, if it goes ahead,” Goirigolzarri said in Madrid.
An analysis as to whether the merger would be beneficial for its shareholders is yet to commence.
Article re-written from original source: Reuters
Tags: Bankia, BMN, Spanish banking