Spain: Bankia – BMN merger enters final stages

The merger between Bankia and Banco Mare Nostrum (BMN) will be finalized this week, given that the shareholders of BMN becoming holders of the former’s shares as of next Thursday, January 11.

The merger has obtained all the necessary authorizations to carry out the merger by the Ministry of Economy, Industry and Competitiveness, the National Commission of Markets and Competition (CNMC), of the European Central Bank (ECB) , the Bank of Spain and the General Directorate of Insurance and Pension Funds (DGSFP).

BMN shareholders will become holders of Bankia coinciding with the start of the consultation period of the Employment Regulation File (ERE) that will be negotiated by the entity and the unions after the completion of previous contacts last week. The initial approach towards restructuring the new company contemplates the departure of 2,510 workers.

Full Content: Periódico de Ibiza

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