MADRID (Reuters) – Caixabank has agreed to buy Bankia for 4.3 billion euros ($5.1 billion) in an all-share deal that creates Spain’s biggest domestic lender and signals a pick up in mergers among Europe’s banks as they battle the fallout from the COVID-19 pandemic.

The merger will create the largest domestic bank by assets with a combined market value of more than 16 billion euros ($19 billion), in a deal underpinned by annual cost savings of 770 million euros, the companies said on Friday.

European banks are under growing pressure to join forces to deal with rising bad debts and record-low interest rates. Italy’s Intesa Sanpaolo is taking over Unione di Banche Italiane, and Spain’s Sabadell has also held informal talks about a possible tie-up.

Bankia BKIA.MC chairman Jose Ignacio Goirigolzarri told analysts the deal had been done in anticipation of a “more complex environment” triggered by the pandemic.

“We

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MADRID (Reuters) – Caixabank has agreed to buy Bankia for 4.3 billion euros ($5.1 billion) in an all-share deal that creates Spain’s biggest domestic lender and signals a pick up in mergers among Europe’s banks as they battle the fallout from the COVID-19 pandemic.

The merger will create the largest domestic bank by assets with a combined market value of more than 16 billion euros ($19 billion), in a deal underpinned by annual cost savings of 770 million euros, the companies said on Friday.

European banks are under growing pressure to join forces to deal with rising bad debts and record-low interest rates. Italy’s Intesa Sanpaolo is taking over Unione di Banche Italiane, and Spain’s Sabadell has also held informal talks about a possible tie-up.

Bankia

chairman Jose Ignacio Goirigolzarri told analysts the deal had been done in anticipation of a “more complex environment” triggered by the pandemic.

“We believe

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TipRanks

Oppenheimer: 3 Stocks That Could Surge Over 100% From Current Levels

So far, September has been a wild ride of ups and downs. Following the recent bout of volatility, stocks have ticked higher again. But as uncertainty regarding another rescue program and the presidential election continues to linger, where does the market go from here? Weighing in for Oppenheimer, Chief Investment Strategist John Stoltzfus argues that any market dips appear “relatively contained and orderly,” and present longer-term investors the chance to find “babies that got thrown out with the bathwater.” He noted, “For nervous investors the recent downdraft has presented opportunity to take some profits without FOMO (fear of missing out).”As for the tech heavyweights that powered the market’s five-month charge forward, the strategist believes “current expectations that technology stocks will remain under pressure for some time seem exaggerated.” Stoltzfus adds that the “core of technology stocks did not

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Wall Street was flooded with new corporate deals, and that gives investors insight into company valuations on the market, CNBC’s Jim Cramer said Monday.

“There will be more sell-offs ahead — this is still September; the last week of September is supposed to be bad. But the next time the market gets slammed, I want you to remember what happened today and I want you to try not to be too negative,” the “Mad Money” host said.

In a Merger Monday, a wave of newly announced acquisitions gave a boost to a market that proved turbulent in recent weeks. The Dow rose almost 328 points, or 1.18%, to 27,993.33. The S&P 500 advanced 1.27% to 3,383.54, and the tech-heavy Nasdaq Composite rallied almost 2% to 11,056.65 during the session.

Among the bids that helped to influence trading were moves from Gilead Sciences, Nvidia and Oracle.

Gilead made a $21 billion

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Pune, Maharashtra, India, September 9 2020 (Wiredrelease) Allied Analytics :Surge in technological developments, increase in competition, and new trade agreements drive the global trade finance market. However, rise in trade wars and lack of focus on small- medium-sized enterprises hinder the market growth. On the other hand, advancements in the field of global trade finances create new opportunities in the market.

According to the report, the global trade finance market was valued at$39.71 billionin 2018, and is estimated to grow$56.06 billionby 2026, witnessing a CAGR of 3.79% from 2019 to 2026.

Download Free Sample Report: https://www.alliedmarketresearch.com/request-sample/4332

The export and agency finance segment to maintain its highest share by 2026-

Based on product type, the export and agency finance segment held nearly four-fifths of the total share of the global trade finance market in 2018, and is expected to maintain its highest share throughout the forecast period. This is due to

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KEY POINTS

  • In the first half of 2020, there were 150 branch closings
  • The total number of banks plunged from 9,613 in 2001 to 5,177 in 2019
  • Many branches that have “temporarily” closed due to the pandemic, will close permanently.

The COVID-19 pandemic has accelerated the pace of the closure of bank branches – a trend that was well underway long before the virus emerged in the U.S. economy.

Mergers, rapid consolidation, the rising popularity of digital banking have all contributed to a gradual reduction of physical branches.

James R. Barth, the Lowder eminent scholar in finance at Auburn University in Auburn, Alabama, told International Business Times that in the first half of 2020, there were 150 branch closings.

The number of branches reached a peak of 91,365 in 2009 and declined thereafter to 81,054 by 2019. Meanwhile, the total number of banks plunged from 9,613 in 2001 to 5,177

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