Davis Polk is advising CaixaBank, S.A. on its merger with Bankia, S.A. Under the terms of the joint merger plan, shareholders of Bankia will receive pursuant to the merger 0.6845 new shares of CaixaBank for each share of Bankia.
CaixaBank is a leading financial group in Spain, comprised of banking businesses, insurance activities and investments in international banks and leading companies in the services industry. Bankia is a retail and corporate banking group with over eight million customers in Spain and a network of approximately 2,300 branches. Both companies are listed on the Spanish stock exchanges. The transaction is expected to create the largest bank in Spain in terms of assets, with over 20 million customers.
The Davis Polk corporate team includes partner Michael J. Willisch and associate Jose Lucena-Rebollo. All members of the Davis Polk team are based in the Madrid office.