for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

BRIEF-Spain's Caixabank Says Approved And Signed Joint Merger Plan For Merger With Bankia

Sept 18 (Reuters) - Caixabank SA:

* SAYS THAT ITS BOARD AGREED UPON IN ITS MEETING HELD YESTERDAY TO APPROVE AND SIGN JOINT MERGER PLAN FOR MERGER OF BANKIA (ABSORBED COMPANY) INTO CAIXABANK (ABSORBING COMPANY)

* SAYS AN EXCHANGE RATIO OF 0.6845 SHARES IN CAIXABANK FOR EACH SHARE IN BANKIA

* SAYS ANNUAL COST SYNERGIES OF AROUND €770M AND NEW ANNUAL REVENUES OF AROUND €290M ARE EXPECTED TO BE GENERATED

* SAYS EARNINGS PER SHARE FOR CAIXABANK ARE EXPECTED TO INCREASE BY 28% COMPARED TO MARKET ESTIMATES FOR 2022

* SAYS ONCE THE MERGER HAS BEEN EXECUTED, THE INTEREST IN CAIXABANK OF CRITERIA CAIXA WILL CONTINUE TO BE AROUND 30%

* SAYS FROB (THROUGH BFA TENEDORA DE ACCIONES S.A.) TO ACQUIRE SIGNIFICANT HOLDING IN CAIXABANK OF AROUND 16%

* SAYS THE MERGER SHOULD BE COMPLETED DURING THE FIRST QUARTER OF 2021

* SAYS CAIXABANK WILL REMAIN AS THE BRAND, REGISTERED ADDRESS TO BE IN VALENCIA, JOINT OPERATIONAL HQ IN BARCELONA AND MADRID

* SAYS THE NEW BOARD OF DIRECTORS OF CAIXABANK, ONCE CONSTITUTED, WILL APPOINT, IN ITS FIRST MEETING, MR GOIRIGOLZARRI AS CHAIR

* SAYS THE CURRENT CHIEF EXECUTIVE OFFICER WILL BE THE FIRST EXECUTIVE OF CAIXABANK, REPORTING DIRECTLY TO THE BOARD OF DIRECTORS

* SAYS FOLLOWING THE MERGER, COMBINED ENTITY WILL ANALYSE WORKFORCE OVERLAPS, DUPLICATIONS AND ECONOMIES OF SCALEARISING FROM MERGER, WITH NO DECISION HAVING BEEN MADE AT THIS TIME

* SAYS TOTAL CONSIDERATION FOR 100% OF BANKIA SHARES 4.3 BILLION EUROS

* SAYS IMPLIED PRICE PER BANKIA SHARE 1.41 EUROS PER SHARE WITH A PREMIUM OF 20%

* SAYS SOLVENCY OBJECTIVES OF THE ENTITY WILL BE SET AT CET1 RATIO OF BETWEEN 11.0% AND 11.5% Source text for Eikon: Further company coverage: (Gdansk Newsroom)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up