March 27, 2024

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Unicaja to get 59.5% of legal rights in new financial institution immediately after merging with Liberbank

1 min read

MADRID, Dec 30 (Reuters)Spanish financial institution Unicaja UNI.MC would acquire 59.5% in the new entity it will type just after combining with rival Liberbank, which will keep the rest, equally financial institutions stated in a statement on Wednesday.

The merger will allow the blended lender, the country’s fifth greatest in conditions of assets, to make 192 million euros ($235.72 million) in annual charge financial savings and a funds ratio of 12.4% after 1.2 billion euros fees connected to the merger, the banking institutions said.

The new merged financial institution aims at a return on tangible equity of about 6% in 2023.

The boards of Unicaja and Liberbank authorized on Tuesday a merger in which Unicaja will thoroughly take up its rival to create a lender with 110 billion euros in property.

The deal follows the approval of a merger earlier this month in between condition-owned Bankia and Caixabank to produce the biggest domestic lender and marks an acceleration of the sector’s consolidation following BBVA and Sabadell known as off merger talks last thirty day period.

($1 = .8145 euros)

(Reporting by Inti Landauro modifying by Uttaresh.V)

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