Home » Business » Fernando Ulrich approved to join CaixaBank – Banca & Finanças

Fernando Ulrich approved to join CaixaBank – Banca & Finanças

The name of Fernando Ulrich, current chairman of BPI, was approved to join the board of directors of CaixaBank, which holds 100% of BPI. The information is communicated this Friday, March 26, by CaixaBank, which announces that it has already completed the legal procedures to proceed with the merger with Bankia, with the registration of the merger deed.

The announcement of the completion of the merger is made after, this week, the Spanish competition authority has approved the transaction. “CaixaBank culminated today the legal procedures of the merger with Bankia, after the registration of the merger deed in the Mercantile Register in Spain”, indicates CaixaBank, in a statement sent to the newsrooms.

“The operation complies with the calendar established in September last to materialize the legal merger in the first quarter of 2021 and maintains the objective of executing the operational integration between the two entities before the end of 2021”, he adds. The merger creates the largest banking group in the Spanish market: it will have around 20 million customers in Spain and 623,800 million euros in assets, with a market capitalization of more than 20,500 million euros. It will have the largest market share of deposits (24%), credit (26%) and long-term savings products (29%).

For customers, CaixaBank guarantees that the operation will have no impact. “The operation of customers will not change, practically, until the migration of the operational platform of each entity, in a process that is expected to be executed before the end of the year”, explains the bank. Current accounts and savings accounts will change in numbering, but “this change will not affect direct debits domiciled or transfers or allowances received”. Contracted credits will also maintain the agreed conditions.

With regard to the brand, the new bank will maintain the CaixaBank brand. Once the merger is completed, the Bankia brand on branches and other buildings will therefore be replaced.

The “replacement of signage in emblematic buildings”, adds CaixaBank, should be completed during the next week. Already at the counters, the replacement of the signs should “last for several weeks”.

New administration has 15 members

The proposed board of directors for the entity resulting from the merger between CaixaBank and Bankia had been known in September of last year. The approval, as CaixaBank now details, took place at an extraordinary general shareholders’ meeting on December 3.

The new board of directors will also be made up of José Ignacio Goirigolzarri Tellaeche, Joaquín Ayuso García, Francisco Javier Campo García, Eva Castillo Sanz, Teresa Santero Quintillá and Fernando Ulrich, who will join the current directors of CaixaBank: Gonzalo Gortázar, Tomás Muniesa Arantegui, José Serna Masiá, María Verónica Fisas Vergés, Cristina Garmendia Mendizábal, María Amparo Moraleda Martínez, Eduardo Javier Sanchiz Irazu, John Shepard Reed and Koro Usarraga Unsain.

The new entity will be chaired by José Ignacio Goirigolzarri, current President of Bankia, as soon as he is appointed by CaixaBank’s new board of directors, which is expected to meet in the next few days.

News last updated at 9h53 with more information.

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