Spain’s fourth largest bank is combining the private banking and asset management activities into a single department.

The new private banking and asset management department, led by Jaime González Lasso de la Vega, will integrate private banking operations as well as the companies Bankia Fondos and Bankia Pensiones.

The department will manage more than €15 billion in assets, including investment funds, pension plans and private banking activities.

Bankia has also created a new business banking unit.

This unit is aimed at bringing together the business banking and corporate banking activities, as well as the capital markets and corporate finance businesses, which are merging.

The bank estimates that this unit will lend €43.5 million to the self-employed, small and medium enterprises (SMEs) and large companies over the next three years, accounting for 84% of its new lending.

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The business unit will be headed up by Gonzalo Alcubilla, who was formerly and exclusively responsible for business and corporate banking.

The changes are designed to simplify and delayer the bank’s structures in order to streamline decision making processes for its 12 million customers.