The National Commission of Markets and Competition (CNMC) has authorized the merger between Unicaja Y Liberbank, although he has set certain conditions related to the high concentration of branches that the resulting bank would have in the province of Cáceres.
As detailed by the CNMC this Tuesday in a statement, the merger of the seventh and eleventh Spanish entities does not pose a threat to competition because the resulting market shares “are not relevant” and “there are significant competitors”.
In any case, the CNMC has detected that the merger does pose a threat to effective competition in the market for branches in Cáceres. Specifically, it has observed that in three of the 18 postal codes studied, only the new entity and a single competitor will remain.
Despite the fact that in these three zip codes the resulting entity would not remain in a monopoly situation, the CNMC concludes that “there could be risks for clients, such as increased commissions or worsening conditions for current Liberbank clients in certain products “.
In light of these observations, Unicaja has undertaken to communicate to Liberbank clients, in a transparent manner, the possible changes of conditions in products and services that are modified as a result of the merger.
If the merger materializes, it will also offer its products for at least three years under commercial conditions no worse than those offered by the resulting entity in the postal code in which it has the largest physical presence of offices of competing financial entities.
It is planned that the headquarters of the new bank, which will be the fifth in Spain with a volume of assets close to 110,000 million, continue in Málaga, where Unicaja Banco is domiciled, but it will also have operational centers in that Andalusian city, in Oviedo, key for Liberbank, and in Madrid.