[2] Prior to its merger, Liberbank had a national presence and was a leader in the retail markets of Asturias, Cantabria, Castile-La Mancha and Extremadura.

[3] The merger excluded the social and community work that the banks provided which continued separately.

On 20 December 2012, the European Commission approved the restructuring plan for Liberbank, so that the entity could go public in the first half of 2013, reducing its size by 25% compared to 2010.

In return, Liberbank received 124 million euros in aid in the form of contingent convertible bonds (cocos) subscribed by the Fondo de Reestructuración Ordenada Bancaria (FROB) with a maximum repayment term of two years.

A drastic reorientation of the business of the bank was also required that included having to leave the real estate business, focusing on the credit support to SMEs in their areas of influence and primarily engage in the retail banking, limiting their presence in the business of wholesale banking.