The shareholders of CaixaBank and Bankia approve the creation of the 'superbank'

The CaixaBank Shareholders' Meeting approved this Thursday the absorption of Bankia to create the largest bank in the country.

The 'green light' of the owners of the Catalan group - added to that of Bankia shareholders last Tuesday - is the countdown for the operation to close in the first quarter of 2021 if it receives the different regulatory authorizations.

The group's CEO,

has emphasized to shareholders that the new group will be more profitable and more solvent in a context of high uncertainty and pressure from negative interest rates in Europe and the effects of the coronavirus.

"The economic and social consequences of the pandemic are not yet fully visible, which generates uncertainty about its impact on the financial sector," he explained during the event held at the

Conference Center

For this reason, the one who will be the chief executive of the new CaixaBank has remarked that it is "critical" to create an entity with more efficient cost structures and greater investment capacity.

In this way, Gortazar has presented an estimate of improvement of between one and two points in the return on capital of the group linked to the merger, up to 8%.

For its part,

in 2022 according to the consensus of analysts regarding if the bank continued to operate alone.

The chief executive has also focused on improving the coverage of non-performing loans, whose ratio will increase by three percentage points, and the

in the core capital Tier 1 solvency metric, after having already discounted the cost of Restructuring estimated at 2,200 million euros.

"The resulting entity will therefore be a strong entity, well provisioned and well capitalized," he concluded.

For his part, the bank's president,

has taken advantage of his intervention to say goodbye to the shareholders, as he will hand over the position to

once the integration is completed.

The Catalan manager pointed out that the merger with Bankia is one of the group's great milestones in its 115-year history and has valued the group's anticipation of a new wave of restructuring in the sector.

Different representatives of the workers have intervened during the Meeting to ask the managers of the group for sensitivity in the adjustment of personnel that the bank will undertake after completing the integration.

Indeed, CCOO today presented a report that illustrates the reduction of jobs in the financial sector during the last decade.

According to their calculations, the 103,000 job cuts are double the percentage in the whole of the European Union.

These adjustments have led to the ratio of employees per 10,000 inhabitants falling to 37, below 54 in the rest of the continent.

The reduction has been linked to the disappearance of entities linked to restructuring processes, going from 88 to 12 in just 11 years.

The figure will be reduced in 2021 with the merger of CaixaBank-Bankia and Unicaja-Liberbank.

"If we don't do things [in relation to adjustment], what we put at risk would be the sustainability of all jobs. The shortsighted will only see a short-term job reduction with the merger, which of course there will be, but Whoever has a long-term vision will see the jobs that we will grow and the wealth that we will provide in financing to families and companies. To be strong, we must be efficient ", Gortazar responded.

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