The merger between Bankia and CaixaBank will create the first bank in the Spanish market with a volume of assets of more than 650,000 million euros, a commercial network with more than 6,700 branches and more than 20 million clients. Analysts and investors have approved the operation due to the synergies and cost savings that it will entail. However, how will the creation of the new bank affect the current customers and shareholders of Bankia and CaixaBank?
When the merger materializes, will the client have to carry out any kind of procedure?
No. In the first place, both entities have to complete the legal merger, that is, the regulatory processes so that for legal purposes both banks become just one, at least on paper. However, the most important process of the operation is the integration of the systems of both banks. This business union can last for several months so, for practical purposes, nothing will change for the client the day after the merger is formally concluded.
Will my account number change?
The savings account number will have to be unified (those of CaixaBank start at 2100 and those of Bankia start at 2038), but it is an automatic and free procedure so the customer will not notice any change with respect to the situation prior to the fusion. Likewise, all expenses and direct income (payroll, pensions, benefits and electricity, water, Internet contracts, etc.), will continue to be received in the same account, without the client having to carry out any procedure or notify the change of IBAN to its payers or the companies with which it has domiciled contracts.
Will new fees apply?
Each bank applies a different commission policy, so that policy will have to be unified at some point. However, according to sources from the entities, in the short term each bank is expected to maintain the same commissions that it has been applying at least until the integration of the two banking systems is concluded. In addition, any change in commercial policy must be notified in advance (unless the new terms improve for the client, which can then be applied immediately), so there will be no surprises at the end of the month.
Will I have to pay more for the mortgage?
No. Mortgages are contracted under agreed conditions that cannot be modified, unless the two parties reach a later agreement. Therefore, customers who have a mortgage contracted with Bankia or CaixaBank will not be affected by their current conditions.
Will the conditions of other products contracted with one of the two banks change?
Neither. Like mortgages, products already contracted with a specified duration (insurance, loans, long-term deposits) have already agreed conditions that cannot be modified, either due to the merger or due to a change in commercial policy in the Bank. In products such as savings accounts or credit and debit cards, whose duration is indeterminate, the conditions can be modified but, likewise, the bank has to notify the client sufficiently in advance to decide whether to accept them or prefer to change bank, so any changes would be notified.
Will my closest office close?
One of the advantages of the merger is cost savings, which in part will come from the closure of duplicate offices that the resulting bank will have. Branches that are very close or share a zip code will surely be closed, so that some clients could lose their ‘lifelong’ office. In any case, they will surely have another office on the same street or in a nearby location, since the new bank will have the most extensive network of branches in Spain.