Unicaja Banco : Initiating coverage post effective merger with Liberbank; Positive credit opinion and Buy recommendation on the Tier 2 2.875%
On Friday last week, the merger by absorption of Liberbank into Unicaja became effective and Liberbank ceased to exist as a legal entity. Until then, only Liberbank was part of our coverage. We are thus effectively discontinuing our coverage of Liberbank, and formally initiate the coverage of the new Unicaja, now the 5th largest Spanish bank by total assets. - >Merger now effective; adios Liberbank - In line with the time frame indicated on the merger announcement late...Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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