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Bankia to lay off 2,500 following merger with BMN

Bankia SA is planning to lay off 2,500 employees as a result of its acquisition of smaller lender Banco Mare Nostrum SA, Cinco Días reported Dec. 18.

The cuts account for 14% of the merged bank's workforce, it said. The paper estimated that about 817 of the job losses would take place in the two lenders' headquarters, while 1,118 would come from the branch network. It did not specify where the rest of the reductions would come from.

Majority state-owned Bankia and BMN were bailed out with some €24 billion of EU funds during the financial crisis.

The government, which has until 2019 to reprivatize Bankia, recently sold a 7% stake in the lender and is reportedly planning further sales in 2018. Bankia expects to complete its merger with BMN by year-end.