Unicaja and Liberbank announce creation of Spain’s fifth-biggest bank

MADRID (Reuters) – The boards of Spanish lenders Unicaja and Liberbank on Tuesday approved the terms of an all-in share deal that will create Spain’s fifth-biggest bank with around 110 billion euros ($134.71 billion) in assets, the lenders said.

Under the terms of the deal, in which Unicaja will fully absorb Liberbank, the exchange ratio is set at 2.7705 Liberbank shares for each Unicaja share.

The deal still has to be approved by shareholders in votes to be held in the first quarter of 2021.