Bankia shareholders approve merger with Caixabank to create Spain’s biggest bank

MADRID, Dec 1 (Reuters) – Shareholders of Spain’s state-owned lender Bankia on Tuesday approved a merger with bigger rival Caixabank to create the country’s biggest domestic lender by assets, Bankia’s Chairman, Jose Ignacio Goirigolzarri, said.

In September, Caixabank agreed to buy Bankia for 4.3 billion euros ($5.16 billion) in an all-share deal underpinned by annual cost savings of 770 million euros (Reporting by Jesús Aguado; additional reporting by Emma Pinedo; editing by Ingrid Melander)

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