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Spain's Caixabank, Bankia to close merger in coming days, sources say

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Spanish banks Bankia and Caixabank are considering a merger to create the biggest lender in Spain with more than $770 billion in total assets

) could close their merger deal to create the biggest lender in Spain with more than 650 billion euros in assets within the next few days, two sources with knowledge of the matter said.

Though the number of lenders in Spain has shrunk to 12 from 55 since the 2008 financial crisis, the COVID-19 pandemic is putting banks under more pressure to consolidate as they set aside costly provisions to cope with the crisis.

 

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