Large banking franchise in Spain, with more than 11% market share on a stand-alone basis. Sufficient capital buffer to absorb the effects of the current economic shock. High share of low-risk mortgage lending. The potential benefit from the integration into a larger group, CaixaBank, upon completion of the announced merger. Heightened pressure on already weak profitability, given limited earnings--constrained by high volume of lower-yielding mortgage loans--amid the COVID-19-related economic shock. More limited business and geographical diversification than some of its closest peers. Higher than peers' stock of problematic assets at the onset of the current crisis, despite a substantial transfer to Spain's bad bank SAREB in 2012. We intend to resolve the CreditWatch placement once the relevant authorities approve Bankia's
