Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Bankia, S.A.    BKIA   ES0113307062

BANKIA, S.A.

(BKIA)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Factbox: The Caixabank and Bankia merger in numbers

share with twitter share with LinkedIn share with facebook
09/18/2020 | 07:42am EDT
Logos of Caixabank and Bankia are seen at bank offices near Barcelona

By Emma Pinedo and Jesús Aguado

Caixabank and state-owned Bankia on Friday announced the details of a merger to create Spain's biggest domestic bank by assets.

Following are some key figures:

FINANCIAL TERMS

- Caixabank offered 0.6845 shares for every share in Bankia, valuing the state-controlled lender at 4.3 billion euros ($5.10 billion) or 1.41 euros per share.

- Caixabank CEO Gonzalo Gortazar told analysts there was no need to raise capital to finance the deal.

- Caixabank said the all-in share deal represents a premium of 20% versus closing prices on Sept. 3 and a premium of 28% over the last three months.

- Bankia's valuation at Thursday's market close was 4.4 billion euros.

- Shares in both banks jumped after news of the talks first came, giving them a combined market capitalisation of over 16 billion euros.

THE NEW GROUP

- New lender will leapfrog Santander and BBVA in Spain, with more than 664 billion euros in total assets, including Caixabank's assets in its Portuguese unit BPI.

- The new group will be named Caixabank while Bankia as a commercial brand will be dropped gradually.

- It will have 51,500 employees in Spain and 6,300 branches, the banks said. Gortazar said talks on how to reduce overlaps will be held with unions once the transaction was closed.

- It will have more than 20 million customers and a 24% market share in deposits; 25% in loans and 29% in long-term savings products.

- It will have a non-performing loan ratios of 4.1%.

- Bankia's Jose Ignacio Goirigolzarri will serve as executive chairman, but with limited powers.

- Caixabank CEO Gortazar will be chief executive.

- The legal headquarters will be in Valencia, while maintaining operating headquarters in Madrid and Barcelona.

GOALS AND COST SAVINGS

- The banks estimate the new group's return on tangible equity ratio (ROTE) at more than 8% in 2022.

- They said they expected to achieve a fully loaded core Tier-1 ratio of around 11.3% in the first quarter after the transaction.

- Caixabank and Bankia aim to generate annual recurring cost savings of 770 million euros by 2023 and generate revenue synergies amounting to 290 million euros annually over a period of five years.

- Expected restructuring costs are 2.2 billion euros, which Caixabank intends to fully offset with a bad will, which occurs when an asset is brought below book value.

- Gortazar also said there was no doubt the deal will lead to higher dividends.

SHAREHOLDER STRUCTURE

- Caixabank will hold 74.2% of the new bank, while Bankia will have 25.8%.

- The foundation of La Caixa, through Criteria, the parent company of Caixabank, will own around 30% of the new lender. Before the merger, the foundation had 40% stake in Caixabank.

- Spain, via state bailout-fund FROB, will hold 16.1% in the combined lender, having held 61.8% in Bankia previously.

- Shareholders meetings at Caixabank and Bankia will be held in November to legally approve the deal, which lenders aim to close by the first quarter of 2021.

($1 = 0.8435 euros)

(Editing by Ingrid Melander, Jose Elias Rodriguez and Jason Neely)


Stocks mentioned in the article
ChangeLast1st jan.
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. -2.28% 2.436 Delayed Quote.-49.93%
BANCO SANTANDER, S.A. -0.57% 1.7324 Delayed Quote.-53.24%
BANKIA, S.A. -0.82% 1.148 Delayed Quote.-39.11%
CAIXABANK, S.A. -1.28% 1.693 Delayed Quote.-38.63%
share with twitter share with LinkedIn share with facebook
All news about BANKIA, S.A.
10/23BANKIA S A : The Board of Directors agrees to call the Extraordinary General Mee..
PU
10/21BANKIA S A : Castilla-La Mancha faces a process of outsourcing the economy for w..
PU
10/21BANKIA S A : launches the 'Carbon footprint calculator' to measure domestic envi..
PU
10/21BANKIA S A : Fintech by Innsomnia launches its sixth call for proposals with new..
PU
10/21JOSÉ SEVILLA : “The merger with CaixaBank represents the creation of a str..
PU
10/21Spanish court clears banks of market abuse in mortgage case
RE
10/21Supreme Court says Spanish mortgage price index IRPH was not market abuse
RE
10/20BANKIA S A : and the Fundación Cajamurcia collaborate with Cartagena City Counci..
PU
10/19THE PRESENTATION OF RESULTS FOR THE : 00 am CET (08:00 am London time).
PU
10/19ECB's De Guindos says mergers can improve banks' profitability
RE
More news
Financials
Sales 2020 3 056 M 3 612 M 3 612 M
Net income 2020 116 M 137 M 137 M
Net Debt 2020 - - -
P/E ratio 2020 34,7x
Yield 2020 1,42%
Capitalization 3 519 M 4 165 M 4 159 M
Capi. / Sales 2020 1,15x
Capi. / Sales 2021 1,15x
Nbr of Employees 15 947
Free-Float 37,2%
Chart BANKIA, S.A.
Duration : Period :
Bankia, S.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BANKIA, S.A.
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 1,32 €
Last Close Price 1,16 €
Spread / Highest target 64,0%
Spread / Average Target 13,6%
Spread / Lowest Target -39,6%
EPS Revisions
Managers
NameTitle
José Sevilla Álvarez Chief Executive Officer & Executive Director
José Ignacio Goirigolzarri Tellaeche Executive Chairman
Antonio Ortega Parra Executive Director, GM-People & Resources
Jorge Cosmen Menéndez-Castañedo Independent Non-Executive Director
Joaquín Ayuso García Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BANKIA, S.A.-39.11%4 165
JPMORGAN CHASE & CO.-25.53%316 434
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED-20.50%257 439
BANK OF AMERICA CORPORATION-29.30%215 672
CHINA CONSTRUCTION BANK CORPORATION-13.82%189 207
CHINA MERCHANTS BANK CO.. LTD.9.69%153 140