The Banco de Andalucía is to be totally absorbed by the Banco Popular after an agreement between the boards of the two banks.
Banco Popular already owned 80.071% of the Banco de Andalucía and has already incorporated the Banco de Castilla, Banco de Crédito Balear, Banco de Galicia and Banco de Vasconia.
The merger, as it effectively is, will be accomplished through the liquidation and dissolution of the Banco de Andalucía and then transferring the assets to the Banco Popular.
The group will mainain it’s regional identity through the Banco de Andalucía name. The merger will allow for optimising and maximising of the organisational infrastructure leading, hopefully, to reduced operating costs and a more efficient operating system.