Caixabank (CABK) has finally reached an agreement with the unions to carry out an adjustment plan of 6,452 employees, equivalent to 15% of the workforce, after reducing the initial proposal by 1,839 people (22%). The departures are expected to take place between November this year and March 2022. And all of them will be voluntary. According to analysts, the associated impact on the profit and loss account is estimated at…
caixabank Bankia merger
Before clompleting its merger with Bankia, Caixabank wants to reorganise its balance sheet and will put up for sale portfolios of problematic assets worth 1 billion euros. The doubtful assets CaixaBank intends to divest have been divided into two portfolios. The first, called ‘Project Hermitage’, is made up of ‘unsecured’ credits valued at some 600 million euros. The second one, under the name ‘Louvre Project’, consists of credits worth some 400 million euros with a real estate guarantee.
Last night the boards of Bankia and Caixabank approved its merger. The operation, which will retain the CaixaBank brand, is structured as a merger of Bankia into CaixaBank. The combined entity’s total assets will exceed €664 Bn, a volume that will make it the largest bank in the domestic market, with an important position at a European level and a market capitalisation of over €16 billion. The management aims at a target of 770M euros of cost savings and revenue synergies of €290M.