CaixaBank and Bankia confirm merger talks

Spain's Bankia and CaixaBank confirmed late on Thursday that they are in talks about a possible all-share merger.

Responding to recent press reports, CaixaBank said the companies have not yet come to any agreement "beyond the signature of a non-disclosure agreement for the exchange of information to appraise the transaction, within a due diligence, with advisers for the transaction".

Meanwhile, Bankia said: "Given the preliminary nature of this issue, we would like to state that a proposal to initiate a study and an analysis has been submitted to Bankia’s governing bodies.

"This proposal will enable the board of directors to take the corresponding informed decision, relying on suitable advisory for this purpose."