Unicaja Liberbank merger July 30 2021fifth size Spanish bank - The second merger of the year is completed. Unicaja Banco and Liberbank have informed the National Securities Market Commission (CNMV) that next Friday, July 30, the process of registration of the public deed of merger in the Mercantile Registry of Malaga is scheduled to take place, thus closing the operation.

The transaction, having already received approvals from regulators, will create the fifth entity in Spain. In a market strangled by negative interest rates, banks are looking for synergies to reduce expenses and increase their business.

When the merger is complete, Liberbank will stop trading and only the new Unicaja will remain. The exchange of shares will be carried out once the registration of the operation is made," which is expected to occur on Friday, July 30, 2021", as both entities have communicated to the regulator.

Unicaja Liberbank merger July 30 2021fifth size Spanish bank

In this way, the shares of the new entity resulting from the operation would begin to be listed on the Spanish stock exchange on August 2.

The agreed exchange equation is one share of Unicaja Banco for every 2.7705 shares of Liberbank, with the exchange taking into account newly issued shares of Unicaja Banco.

Unicaja Liberbank merger July 30 2021fifth size Spanish bank

7 keys to the merger between Unicaja and Liberbank that will create the fifth bank of Spain: it will cost 450 million due to the cuts in workers and offices

The second wave of mergers comes after much of the former savings banks were taken over by other banks after the financial crisis. In the midst of the pandemic, the merger of CaixaBank with Bankia, which have created the largest bank in Spain by assets, was carried out,and now the union of Unicaja and Liberbank is closed, with which the fifth entity in our country is born.

Unicaja Liberbank merger July 30 2021fifth size Spanish bank

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The Government proposes to break the records of creation of public employment in 2021: this is how the 30,455 places of what will be the most vacant competitions in history in the central administration are distributed

After reducing in 2020 the offer of places almost 17% in the full impact of the pandemic on the processes of opposition to a position as a worker of the public administrations, despite the fact that the public increased by almost 150,000 places health or educational, 2021 record the increase in the supply of public employment history, reaching the 30.455 seats in the General State Administration, a 8.5% more than the 28.055 that convened last year, according to overtake The Country.

The Government is expected to approve in the coming days through a royal decree this call for public employment after the trade with the trade unions, according to the journal of the Prisa Group, which highlights that as part of the Plan of Recovery, Transformation, and Resilience, which includes among its goals to modernize public administrations through digitization, the evaluation of public policy and the fight against the temporality with a game of 4.315 billion euros until 2024.

In addition, the presentation of this call of oppositions with a record level of vacancies also responds to the mandate of the european institutions, who have called on the Spanish Government to put in place measures to reduce the temporality between public employees, and that the Executive has committed to tackle before the end of the year, in addition to the need for generational renewal facing the authorities, which have an average age of 52 years, depending on The Country.

Thus, after the approval in Congress last week the reform of the interim regime so that those who have been occupying a structural position that has never been called for more than 10 years will be awarded without passing the opposition phase, the Government leaves behind its proposal to reduce the public employment offer by 37.6% in 2021 compared to what was agreed in 2019 with which to reduce public spending, after 2 years of massive calls for oppositions.

The unions criticized this proposal of the Ministry of Territorial Policy and Public Function, claiming that it would endanger the "viability" of the General State Administration and could mean the "collapse" of the State Public Employment Service (SEPE) or Social Security, which already suffered during the pandemic to deal with the added work that involved the approval of the Minimum Living Income, the ERTE or the extraordinary benefit for self-employed, among other measures.

In addition, the offer planned for 2021 adds to the calls already announced by Adif, Renfe, the Tax Agency or the Army Corps of Engineers, within a total of 9 public employment processes to qualify for about 10,056 places, in addition to the open processes to strengthen Health and Education staff in several autonomous communities.

How then are the 30,455 places for which the Government plans to convene competitions during 2021 distributed? The details revealed by the Executive to El País include which activities will be more reinforced, within the process that seeks to reverse the temporality and aging of public employees, but also the loss of 12 employees a day in the General State Administration that has been registered between January 2010 and January 2020, which means 43,477 fewer places.

The brake to the loss of public personnel seems to be the general tone of the calls of public competition in 2019, 2020 and, if finally approved, 2021, which would lead to the approval of 109.718 squares from the arrival of Pedro Sánchez to the presidency of the Government, a 73% more than the 63,394 vacancies that his predecessor, Mariano Rajoy took out a public call in the previous 6 years, between 2012 and 2017, according to the diary of a Hurry.

In addition, these previous calls have raised the total of public employees to 2.7 million people in January 2021, the highest figure since 2002 and more than 112,000 civil servants or public workers more than 12 months ago, although 27.7% of that workforce are temporary, according to the Country. For this reason, almost a third of the public employment offer prepared by the Government for 2021 will be allocated to internal promotion, which means 9,509.

In addition to these 17.650 squares whose fate has already been revealed, you have to know which departments or functions are assigned to the other 12.800 vacancies that are to be included in the call of 2021 and will be published separately in the BOE once the Council of Ministers to give validity to the royal decree that the Government still needs to negotiate with the trade unions with greater representation in the public service.