The boards of directors of Unicaja Banco, in which Spanish and Leonese Ceiss have already been integrated, and Liberbank have approved this Tuesday the merger of the two entities, which will allow the creation of the fifth largest bank in Spain, with a volume of assets close to to 110,000 million, as reported by sources close to the negotiations.

After several weeks of intense negotiations, the highest management bodies of both entities have met this afternoon, each one on their own, to give the go-ahead to the merger project, which will foreseeably be forwarded this Tuesday to the National Market Commission of Securities.

Unicaja

Banco, with some 63,000 million euros in assets, will have

59.5%

of the group resulting from the merger, while the

remaining

40.5%

will go to

Liberbank

, which contributes with just over 45,800 million euros in assets.

The future group will initially have some

9,900 professionals and a network of close to 1,600 branches

.

The fact is that Unicaja Banco, with a significant presence in Andalusia and Castilla y León, has 6,200 employees and 1,000 branches, while Liberbank, created by Cajastur-Banco CCM and the Caja de Cantabria and Extremadura, has 3,700 workers and 579 branches.

The

headquarters

of the new bank will continue to be

in Malaga

, where Unicaja Banco is domiciled, but it will also have operational centers in this Andalusian city, in Oviedo, key for Liberbank, and in Madrid.

Unicaja Banco will establish itself as the group's brand, although the Liberbank trade name will remain in its territories of origin.

The president of Unicaja Banco, Manuel Azuaga, will hold the same position in the resulting entity, while the CEO of Liberbank, Manuel Menéndez, will hold this same position in the group at least until 2023.

According to the criteria of The Trust Project

Know more

  • Andalusia

  • Madrid

  • Estremadura

  • Castile and Leon

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