CajaCanarias to merge with CAN, Caja de Burgos and Sa Nostra to form new group Banca Cívica

CajaCanarias is to merge with Caja Navarra (CAN), Caja de Burgos and Sa Nostra. The new group created by the merger will be called Banca Cívica. Each bank will retain its individual legal identity, brands and social activities, but the new corporate entity will become the sixth largest Spanish bank in terms of banking activity, and the fourth largest in terms of solvency, with funds of 3.8 billion Euros.

The proposal has been submitted to the Bank of Spain, and a detailed plan of integration will be presented in the second half of January when the initial documents have been examined. Government confirmation should then follow in the second half of February, with the resultant new bank going live in April. Its headquarters will be based in Madrid.

Banca Cívica is expected to serve around 2.5 million customers, and will have a total of 6,000 employees divided between the 26 Spanish provinces where the group will have its 1,070 branches. The four merging banks complement each other well, given that only 69 out of the 1,070 branches are situated in the same locations. An added advantage of this will be that there will be no need for job losses.  Diario de Avisos

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