CaixaBank completes the merger with Barclays Bank SAU and begins operational integration

Barclays branches will be rebranded with the CaixaBank corporate image

• The merger by absorption of Barclays Bank SAU within the existing structure of CaixaBank, announced on 30 March, became effective today, after the merger deeds were filed with the trade registry.
• The legal merger will be followed by the technological and operational integration of customers and products, which will take place over the coming weekend.
• Clients will not be required to take any action and will have full access to all CaixaBank channels, as well as to the country's largest network of branches and ATMs.

CaixaBank, Spain's leading bank by market share, and Barclays Bank, SAU, a subsidiary of CaixaBank since 2 January, today completed their legal merger, after the merger deeds were filed with the Trade registry. This follows the applicable authorisation being granted by the Ministry of Economy and Competitiveness of Spain.Over the coming weekend Barclays' operations and technology will be incorporated within CaixaBank, the bank overseen by Chairman Isidro Fainé and CEO Gonzalo Gortázar.

As the two banks have already announced, the merger will mean the disappearance of Barclays Bank SAU, as the absorbed company, with its assets transferred to CaixaBank, as the absorbing company, which also acquires all rights and obligations held by the former.

The merger with Barclays Bank, SAU, will strengthen CaixaBank's leading position in the Spanish market, with 14 million customers, 5,438 branches and total assets worth 355,557 million euro.Its market share in the retail banking segment stands at 28.2% (24.1% use CaixaBank has their primary bank).

Benefits for clients

The technology and operational incorporation comes four months after the acquisition was closed, a rapid turnaround that demonstrates the group's proficiency in incorporating acquisitions, while also generating synergies representing around 48% of the 2016 initial cost base, in line with previous acquisitions.Gross estimated cost savings in 2016 stand at 163 million euro.

The merger will see changes to the numbering of some products, such as accounts and cards, but all direct debits, charges and payments will be unaffected, meaning no action will be required from Barclays' 550,000 customers.

These clients will also be able to operate via Línea Abierta, CaixaBank's online banking platform, using the same passwords and code cards as used to access the Barclays' electronic banking system.Furthermore, once the 261 Barclays Bank SAU branches have been incorporated within the group, said customers will be able to make use of the country's most extensive branch network, comprised of 5,438 offices.

Barclays branches rebranded as CaixaBank