Category: Iberia

The past three years have been nothing but challenging for Portugal and Spain. The neighbours, whose economic and social development are hugely reliant on the hospitality and tourism sectors, were hit hard by the series of government-mandated lockdowns imposed to battle soaring rates of infection in 2020. But fast forward to 2022, and the outlook has shifted dramatically.

Emerging from what could understatedly be described as a turbulent period in 2020, with a 10.8% economic downturn, the Spanish legal sector has successfully regained its footing and competitive outlook. While the pandemic meant a constriction of the economy was inevitable, it ultimately provided an opportunity for significant year-on-year growth.
Continue reading “Iberia focus: New world order”

Announced more than a year ago, the largest merger in the Spanish banking sector for some time became a reality in early 2021. The Spanish competition authority cleared CaixaBank’s acquisition of state-owned financial entity Bankia – which was bailed out during the country’s banking crisis in 2012 – at Phase I, subject to conditions. This transaction is a merger between the third and the fourth largest banks in Spain, with €623.8bn in assets.

The new entity is expected to dominate the Spanish market, especially in retail banking. As executive chair José Ignacio Goirigolzarri said when the deal was confirmed: ‘The merger between CaixaBank and Bankia marks a milestone in the history of the Spanish financial system. We face this challenge from a position of strength that allows us to be an active part of the solution to the current crisis, as well as to become an important stakeholder for the socio-economic recovery of our country’. Continue reading “Iberia focus: Banking on Success”