18 Sep, 2020 07:30 am

CaixaBank Strikes Takeover Deal Valuing Bankia at $4.5 Billion

CaixaBank SA agreed to take over Bankia SA in a deal that values the state controlled lender at about 3.8 billion euros ($4.5 billion) and creates the biggest bank operating in Spain.

8 billion euros ($4.8 billion euros based on Thursday’s share prices.4 billion euros, operates a large insurance unit and asset management business and has 3,846 branches and more than 35,000 employees in Spain.4 billion euros.

CaixaBank’s acquisition of Bankia could generate between 60 basis points and 80 basis points of capital thanks to about 9 billion euros of so-called badwill, according to calculations by United First Partners.The accord creates a lender with a combined market value of about 16.

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