Bankia was formed on 3 December , as a result of the union of seven Spanish savings banks that had a major presence in their historical core regions. The merger of the seven banks, known as 'cold fusion', took only four months, with the integration contract being signed on 30 July The distribution of shares was as follows:. In , Bankia offered shares to the public in an IPO.
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The boards of Spain's CaixaBank and state-owned Bankia have approved a merger plan between the two lenders, which will create the biggest bank in the country by market share in retail operations. The deal terms will see CaixaBank offer 0. The merger plan still needs to be approved at the General Shareholders' Meetings of both companies and by the competition authorities. The banks said they expect this process to be concluded during the first quarter of