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Spanish banks merge as economic outlook darkens | Daily Sabah – Daily Sabah

A wave of mergers is sweeping across the Spanish banking sector as lenders face up to a pandemic-induced recession, ultralow interest rates and growing competition…

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A wave of mergers is sweeping across the Spanish banking sector as lenders face up to a pandemic-induced recession, ultralow interest rates and growing competition from financial technology startups.
CaixaBank, Spain’s third-largest bank, and Bankia, its fourth-largest, approved a merger in September which will create the nation’s biggest domestic lender with around 664 billion euros ($788 billion) in assets in the country.
And BBVA, the country’s second-largest bank, announced Monday it was in…

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