Top management at Unicaja and Cajasur have made a tentative agreement on merger terms in order to prevent intervention by the Bank of Spain.
The respective boards of directors of Unicaja and Caja de Jaén are expected to meet today and approve the proposed merger agreement between the two entities.
The Andalucian savings banks CajaSur and Unicaja have agreed merger terms which will also include Caja Jaén. The move will make the new entity the six largest savings bank in Spain in terms of volume of activity.
The presidents of Unicaja and Caja de Jaén, Braulio Medel and José Antonio Arcos, have been meeting to discuss a merger between the two savings banks.
The Banco de Andalucía is to be totally absorbed by the Banco Popular after an agreement between the boards of the two banks.
British Airways and Iberia have been holding talks regarding a merger between the two companies.