By Chris King • 26 February 2021 • 19:26
Unicaja Banco And Liberbank To Announce Merger On March 31.
UNICAJA BANCO And Liberbank To Announce Their Merger After Board Meetings On March 31
Unicaja Banco and Liberbank will both hold their respective general shareholder’s meetings on March 31, during which they will approve the merger of the two entities, with the companies reporting this action yesterday (Thursday 25) to the National Securities Market Commission (CNMV), a decisive step so that the operation can obtain their approval and become a reality.
Unicaja Banco will initially retain a 59.5% share of the group resulting from the merger, with Liberbank retaining the remaining 40.5% share, after the exchange equation that appears in the agreement reached at the end of December by the boards of directors of both entities, which will create the fifth-largest bank in Spain, with assets of €109,000 million.
The Mercantile Registry of Malaga will now choose an independent expert to prepare a report in approximately one month’s time to validate this exchange equation, which necessitates the boards of directors of Unicaja Banco and Liberbank to meet again and convene the meetings.
Unicaja Banco will propose that same day in another ordinary meeting the distribution of €11.5 million in dividends charged to 2020 to its shareholders, while Liberbank will distribute €7.85 million, which in both cases would be paid in April or always before closing the merger.
Subsequently, when the new group becomes a reality, a payment of 5.36 million euros is envisaged, which would benefit both the former shareholders of Unicaja Banco and those of Liberbank who receive securities from the Malaga entity after the merger, as reported by malaghoy.es.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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