This Friday the CNMC will approve the merger between CaixaBank and Bankia to create the first bank in Spain: with a total of 650,000 million euros in assets and made up of 22 million customers.
The merger between CaixaBank and Bankia will become effective this Friday, as soon as the National Markets and Competition Commission (CNMC) gives approval, and thus the first bank in Spain is formed, which will have more than 6,700 branches and 50,000 employees.
The new banking entity will result in a financial group with assets worth 650,000 million euros, and in total it will be made up of more than 22 million customers.
This merger will put it at the forefront of all banking entities in the country, even ahead of Santander bank and BBVA. This merger will cause a series of changes that will make many of its clients wonder what will happen to their bank accounts, loans, pension plan or other financial products.
If this is your case, that you are part of one of these banks, and you want to know what will happen to your money, keep reading because we will answer your questions below:
Will there be changes for customers?
As for customers, for them at the moment there will be no essential change. Only your bank account number will be modified. CaixaBank accounts start at 2100, and Bankia accounts start at 2038, the number at which the new accounts will start will be the same as that of CaixaBank. For this change, customers will not have to perform any type of management.
And as for the conditions on its products, for the moment, they remain the same, but if the new entity proposes new changes in its financial conditions, these will be transferred to the customers’ products.
However, in the event that any type of modification occurs with respect to the conditions, it must be communicated within 60 days to the clients, before carrying them out, and within 30 days to the companies.
What will happen to the offices?
Logically, when the two banking entities merge, their offices will be reduced in number throughout the Spanish territory. At present, CaixaBank has more than 4,500 branches and Bankia has more than 2,000 branches, however, it is appreciated that after the merger they could have around 6,400 branches.
According to a study carried out by the Barclays company, it was calculated that, after the merger of Bankia and CaixaBank, some 1,400 branches could be lost. On the other hand, where most of the branches of both banks operate are in the Valencia Community, Madrid, Andalusia and the Balearic Islands.
Will I have to change my credit card?
Those who are Bankia customers will be able to continue using their credit cards until the same user activates their new CaixaBank card.
What will happen to my mortgage?
One of the issues that may most interest the clients of both entities is what will happen with the mortgages that they have contracted with their bank. Well, they do not have to worry, because the conditions will remain the same as when they formalized the mortgage.
However, the new bank should not make changes to the fee, interest rate, commissions, repayment period, pending amount, among other types of conditions. But the amount of premiums could vary, in the case of products linked to mortgages, such as life or home insurance.
Is my loan affected?
The conditions of the loan contract, such as installments, interest, or duration, should not be changed until its completion, but nevertheless, it can be with the products associated with the loan.
What will happen to online banking?
Bankia customers, after the merger, their online banking will become CaixaBank’s online platform, and they will have to adapt to this new online portal. Although the type of commissions that will be carried out for some procedures has not yet been clear.