Possible synergies total 616 million euros

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canada goose deals Spain’s Bankia logo is seen inside bank’s headquarters before a news conference canada goose black friday sale to present their annual results in Madrid, Spain, January 30, 2017. REUTERS/Sergio PerezBoth banks uk canada goose outlet said they would look at the merger proposal by Spain FROB bailout fund, while Canada Goose Coats On Sale a source familiar canada goose factory sale with the situation said canada goose clearance their boards would approve the tie up in May and canada goose coats on sale shareholders would be expected to ratify it in July.Spanish banks have already canadagoosejacketsaleca undergone huge consolidation since canada goose uk outlet the country financial crisis, with Canada Goose Jackets just 14 left from canada goose clearance sale 55 in 2008. Bankia and BMN were given a 24 Canada Goose sale billion euro ($25.5 billion) bailout after losses on property loans.The state owns about 66 percent of Bankia, the fourth largest Spanish bank and 65 percent of smaller lender BMN and plans to cheap Canada Goose privatize them both before December 2019.A privatization of the banks, which together hold 230 billion euros ($244 billion) canada goose uk black friday of assets, would mark canada goose one of the final steps in cleaning up Spain banking sector, which was hit when a property bubble burst forcing canada goose store the government Canada Goose Online to combine several failing lenders to form Bankia and BMN.The FROB go ahead click over here for the merger comes after a study to find the best exit from the banks after canadian goose jacket it attempted to sell BMN but only had interest from one bidder.reorganization of these entities, through the merger of Bankia and BMN, is the best strategy to fulfill our mandate Canada Goose online of optimizing the recovery of public funds before a future disinvestment process, it said.The report recommended it sell its stake in the newly merged bank in chunks before the end of 2019, taking advantage of favorable market conditions, canada goose coats it added. They have risen canada goose uk shop 41 percent over the past six months, against a 25 percent rise on the European STOXX banking index.Possible synergies total 616 million euros, according to a document seen by Canada Goose Parka Reuters showing the results of the study, which valued the state buy canada goose jacket cheap 65 percent stake in BMN at 690 million buy canada goose jacket euros.Analysts said the merger made sense because each bank uk canada goose had a different geographic footprint, although the combined lender would need to cut staff and branches as banks in Spain struggle with ultra low interest rates and competition for lending.Bankia, which lost more than 19 billion euros in 2012 due to its real estate holdings, has bounced back strongly Canada Goose Outlet since its bailout and now has one of the highest profitability ratios and strongest capital positions among Spanish banks, while cheap canada goose uk BMN profitability ratio is one of the lowest.Additional reporting by Jose Elias Rodriguez and Paul Day; Writing by Angus Berwick; Editing by Alexander Smith canada goose deals.

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