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Victor Iglesias, CEO of Ibercaja, rules out that the company will be involved in any merger process.

Victor Iglesias, CEO of Ibercaja, assured that “Ibercaja does not intend to participate in any merger or integration process in the coming years.” The manager of the financial institution stated quite clearly that “nobody gave us anything, and we will promote our retail banking project.”

During his participation in the CREO forum organized by CincoDiaz, the bank’s CEO noted that “from now on, we will not witness any significant wave of integrations, since the bulk of banking concentration has already occurred and exists.” .

The manager explained that, unlike the great “recession”, the reality is that potential merger processes will occur with the aim of creating shareholder value rather than ending the weakness of the companies, since they are all sound organizations. »

In addition, Iglesias warned on Tuesday of the risk that growing banking concentration is creating competition “in some segments” in Spain. “We are in one of the most concentrated banking markets in Europe,” emphasized the executive, who confirmed his belief in the “convenience” of the existence of “a certain biodiversity of operators in all sectors and especially in banking.” .