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Caixabank, BBVA and Santander Will Place 3,000 Branches on the Market Due to Closures

Caixabank intends to close 1,534 branches, 27% of its total network, while Santander will close another 1,000 branches. BBVA’s ERE is likely to lead to 600 other closures.

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These moves under negotiation by the main Spanish banks could put more than 3,000 branches on the market throughout Spain.

The new entity, Caixabank, presented its adjustment plan on Tuesday, following its merger with Bankia. The result would be the most significant adjustment ever by a Spanish financial institution. In total, it is expected to affect 18.7% of the bank’s workforce (8,291 people), plus the closure of 1,534 branches, 27% of the total network.

In total, one out of every four of Caixabank’s branches is set to close, according to trade union estimates. The criteria for the closure of branches will be the size of the municipality and banking competition in the area, the distance between Caixa and Bankia branches, together with the market shares and overlaps.

Read the full article in Spanish

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