and they will close their merger on Friday and create the fifth Spanish bank by volume of assets. According to what was reported yesterday, the operation will be registered on July 30 and it will be then when it will be carried out and approved by the respective boards in April. Liberbank members will receive 1 Unicaja title for every 2.7705 they own.
To execute the merger, the group from Malaga will increase its share capital by just over 1,075 million shares, which will start trading on the stock market next Monday, August 2. It will be then when the price of the new group starts.
Liberbank and Unicaja will begin a new stage, in which it is not ruled out that they will add a partner in the future. The market points to , with the objective that the three entities increase their size and face uncertainties with greater resistance.
The resulting conglomerate of the Malaga and Asturian entity will have a volume of assets close to 110,000 million euros, thus surpassing Bankinter, and placing itself as the fifth bank in the country, only surpassed by Santander, CaixaBank, BBVA and Sabadell.
The president of Unicaja, Manuel Azuaga will be the executive president of the new group and Manuel Menéndez (Liberbank) will be the CEO. However, the entities have agreed that this model will be reviewed in two years, the date on which they will eliminate the executive presidency and the governance tandem will be reassessed. Unicaja will then seek to maintain control with a figure from the bank, so it is not guaranteed that Menéndez will be its first executive.
The new board of directors will be made up of 15 members, of which seven will be proprietary (4 chosen by the Unicaja Foundation, which will have 30% control of the new group, and three proposed by the Asturian entity); 6 will be independent (4 proposed by Unicaja and 2 by Liberbank) and two executives (Azuaga and Menéndez).
The merger will close after it has received all the relevant authorizations. by the Ministry of Economy.
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