the merger with Bankia will result in more value for shareholders

Jordi Gual (CaixaBank): the merger with Bankia will result in more value for shareholders

Jordi Gual, the Chairman of CaixaBank, highlighted that the entity resulting from the merger with Bankia was created with the objectives of adding value to customers and shareholders, and of continuing to support Spain’s economic recovery.

This was stated in a meeting with the members of the Shareholders’ Advisory Committee to share the details of the merger project with Bankia, in which he highlighted that the creation of the new CaixaBank will lead to a “stronger, more efficient and more profitable ”, which will result in greater value for shareholders.

“The new entity was created with the aim of adding value to customers, shareholders and to continue supporting the economic recovery of Spain”, Gual assured.

On the other hand, the Chairman of CaixaBank highlighted the role of the committee, which allows the entity to listen to the opinions of its retail shareholders and to know the evaluations they make of the projects it develops.

CaixaBank was the first financial institution in the Ibex 35 to have a Shareholders’ Advisory Committee, which aims to propose, promote and evaluate actions and communication channels to improve the dialogue between the entity and its shareholders.

According to the regulations, the maximum permanence of the members is three years, so a part is renewed annually, the new members being selected from the candidatures received and trying to reflect the composition of the shareholder base. Each member of the committee must own a minimum of 1,000 shares during their entire participation.

For the positions subject to renewal, the entity has received 109 applications and María Bertolín Pérez (Valencian Community), Lluís Miquel Fernàndez (Catalonia), Patricia Ripollés Albiol (Catalonia), Honorato López Isla (Madrid) and Josep Casalprim are incorporated as new members Compte (Catalonia).

Recently, the boards of directors of the two banks approved the dates of the two shareholders’ meetings to finalize the merger. CaixaBank’s will be held on December 3 and Bankia’s two days before, on December 1. Both will take place in the same venue, the Palacio de Congresos de València, although minorities are recommended to come online due to the country’s health situation.

With this merger, the synergies or cost savings will rise to 770 million euros per year from 2023. While on the income side, it is estimated that from the year 2025 or 2026 additional income of 215 million will be achieved per year. year with the integration of both banks.