Jump Main Menu. Go directly to the main content

Sección de idiomas

Englishen

Fin de la sección de idiomas

You are in:

  1. Home
  2. Communication
  3. News

News

Start of main content

Earnings

Sevilla sees the current context as "a breeding ground for mergers", but warns that there are no operations on the table

The CEO says Bankia has been one of few banks carrying out mergers in recent years

Communication Bankia

By  Communication Bankia

Publish on 
28 July 2020 - 12:30

The CEO of Bankia, José Sevilla, said that the current context, in which the health crisis caused by COVID-19 has impacted the economy and interest rates are still negative, may be a breeding ground for mergers.

"You might say that this situation offers certain incentives for consolidation. We will see it in the coming months. The ECB has produced a guide to clarify its criteria and principles for consolidation and it is possible that this will generate a favourable climate”, he explained at a press conference during which he presented the results of the second quarter of year.

In this regard, he said that Bankia is a good candidate for mergers in general, having been one of the few banks to integrate (with BMN), in recent years. In his opinion, in theory “well-designed” mergers add value and possibly bring synergies and enhance profitability. However, the CEO of the bank added that there are no specific operations "on nor under the table".

On the other hand, Sevilla has ruled out the possibility that Bankia will end 2020 in losses and insists that forecasts suggest that the financial margin and income from fees will be higher in the second semester than in the first half and that expenses and adjustments will remain flat.

In the first half of the year, Bankia obtained a net profit of 142 million euros after allocating 310 million euros to extraordinary provisions for COVID-19. The bank has succeeded in generating capital that has allowed it to raise the CET1 ratio by 100 basic points in just three months, reaching 13.95%, after incorporating the regulatory easing measures.

Finally, the CEO talked about the distribution of capital above the 12% CET1FL established in the strategic plan and, although he pointed out that this objective is under review, he added that the Bankia management team intends to “use the excess capital to make value for shareholders”. "That is our objective", he added.

Share

Print the new

Read more about these topics

#Bankia Results

Related news

Loading...
Loading next new

Newsletter

Subscription to the bulletin of Bankia News

CONTACT

External Communication Direction

Virginia Zafra de Llera
DIRECTOR OF EXTERNAL COMMUNICATION
vzafra@bankia.com

 

Press Relationship

Guillermo Fernández Martín
DIRECTOR OF PRESS RELATIONSHIP
gfernandezm@bankia.com

Mariano Utrilla Cortijo
mutrilla@bankia.com

Irene Rivas García
irivas@bankia.com

Belén Porras Povedano
bporras@bankia.com

María Campos Lages
mcamposla@bankia.com

 

Digital Communication

Ana Bernad Colás
DIRECTOR OF DIGITAL COMMUNICATION
abernad@bankia.com

Leticia Lucio Álvarez
llucio@bankia.com

María Navarro Caballero
mnavarro@bankia.com

   

End of main content