Unicaja and Liberbank have received this Wednesday the approval of their respective shareholders' meetings to undertake their merger project and create the fifth largest financial entity in the country.

A new period of around three months is now open for the group to receive authorizations from the National Markets and Competition Commission (CNMC), the Bank of Spain, the European Central Bank (ECB), the National Commission for Stock Market (CNMV), the General Directorate of Insurance and Pension Funds (DGSFP) and the Ministry of Economic Affairs.

Both groups have been working on all these procedures since last December to streamline the process, as EL MUNDO has already advanced.

The absorption of the Asturian bank by Unicaja, which will retain its brand, will leave an entity with a volume of assets in excess of

110,000 million euros, a

presence in 80% of the territorial market and more than 4.5 million clients.

Both the president of Unicaja,

Manuel Azuaga,

and the CEO of Liberbank,

Manuel Menéndez,

have explained in their respective speeches to the shareholders of both entities that the merger is necessary to reinforce the stability of both groups and their profitability in a context of low interest rates and increased delinquencies due to the impact of the coronavirus.

Both executives, who will form the leadership of the new bank, have also referred to the downsizing process that they will have to undertake once the merger is effective.

In any case, they have promised to undertake the adjustment "rigorously" and after the corresponding negotiations with the unions.

The exchange ratio agreed by the boards of both entities last December is 1 Unicaja Banco share for every

2,7705 Liberbank shares, taking into account

the exchange with newly issued Unicaja Banco shares.

In this way, Liberbank shareholders will receive Unicaja Banco shares in exchange and Liberbank will be extinguished, via dissolution without liquidation, transferring all their equity en bloc to Unicaja Banco, without any additional cash compensation being foreseen for Liberbank shareholders.

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