VidaCaixa absorbs Bankia Pensiones

The BOE (Official State Bulletin) of 13 December published Order ETD/1394/2021, of 26 November, on administrative authorisation for the merger by absorption of Bankia Pensiones, SAU, EGFP, by Vida-Caixa, SAU, de Seguros y Reaseguros.

VidaCaixa and Bankia Pensiones filed on 10 May 2021 an application for administrative authorisation to carry out the merger by absorption.

From the documentation attached to the application, it is clear that the operation "does not undermine the financial guarantees of the absorbing insurance company, the rights of its policyholders or the transparency in the assumption of the obligations arising from insurance contracts, which justifies the exceptional authorisation" of the merger.

At the proposal of the Directorate General of Insurance and Pension Funds, the Secretary of State for the Economy and Business Support, Gonzalo García Andrés, resolved to authorise the merger by absorption of Bankia Pensiones by VidaCaixa.

This entails declaring the extinction and cancellation of Bankia Pensiones in the Administrative Register of Pension Fund Management Entities, once the merger operation is formalised in a public deed and registered in the Mercantile Register.

An appeal for reconsideration may be lodged against this order, which terminates administrative proceedings, within a period of one month from the day following its notification. A contentious-administrative appeal may also be lodged before the Contentious-Administrative Chamber of the National High Court within two months of the day following notification.