MADRID Oct 4 A possible merger between Spanish
state-owned banks Bankia and Banco Mare Nostrum (BMN)
would take place in mid-2017 once an analysis of the operation
is complete, Bankia's Chairman said on Tuesday.
Spain's bank rescue fund said last week it would look into a
merger of Bankia, Spain's fourth largest lender, and the smaller
BMN, which would potentially create a new entity with total
assets of over 240 billion euros ($269 billion).
"This is an operation that would occur around the middle of
next year, if it goes ahead," Chairman Jose Ignacio
Goirigolzarri told an audience in Madrid.
Bankia has said the merger would only take place once they
complete an analysis which can show it would create value for
its shareholders. The analysis has not yet started,
(Reporting by Angus Berwick; Editing by Paul Day)