Spain's bank CaixaBank SA said late Tuesday that the merger with its smaller rival Bankia SA should be completed by March 26.
The bank said that they have obtained the authorization from Spain's National Markets and Competition Commission to move forward with the merger. "CaixaBank welcomes the conclusions reached by the CNMC to authorize the merger in first phase," it said, adding that"this authorization is subject to the fulfilment of certain commitments offered by CaixaBank."
The acquisition of Bankia by Caixabank, announced last year, would create the largest Spanish domestic bank by assets.
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