Four Savings Banks Merge
By Ciaran Giles |
May 26, 2010, Wednesday
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Print Edition
Print Edition
FOUR Spanish savings banks have announced plans to merge amid concerns over solvency.
Cajastur, Caja de Ahorros del Mediterraneo, Caja Extremadura and Caja Cantabria said they had reached an agreement late Monday to form a group that would "strengthen solvency and assets of the participating banks."
The move came after the Bank of Spain bailed out Andalusian savings bank Cajasur over the weekend, after merger talks broke down.
It was the second savings bank bailed out by public money, after the central bank took control of Caja Castilla-La Mancha in March 2009.
Cajastur, Caja de Ahorros del Mediterraneo, Caja Extremadura and Caja Cantabria said they had reached an agreement late Monday to form a group that would "strengthen solvency and assets of the participating banks."
The move came after the Bank of Spain bailed out Andalusian savings bank Cajasur over the weekend, after merger talks broke down.
It was the second savings bank bailed out by public money, after the central bank took control of Caja Castilla-La Mancha in March 2009.
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