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Four Spanish savings banks announce merger
Published in Saudi Press Agency on 24 - 05 - 2010


Four Spanish savings banks announced Monday they
would merge a part of their operations to form the country's fifth-
largest lender, amid concern over the solidity of the country's
savings banks, according to dpa.
Cajastur, Caja de Ahorros del Mediterraneo (CAM), Caja Extremadura
and Caja Cantabria informed the Bank of Spain of the creation of the
new banking group, which will have 135 billion euros (167 billion
dollars) in assets, 2,300 offices and 14,000 employees.
CAM and Cajastur will hold 40 per cent each, Caja Extremadura 11
per cent and Caja Cantabria 9 per cent of the new entity.
The four will retain their boards of management and office
networks, while combining functions such as risk control and credit
assessment.
The merged entity would be Spain's third-biggest savings bank
after La Caixa and Caja Madrid. The plan was expected to be approved
by the shareholders of the four savings banks.
There had been concern over the solidity of Spain's savings banks,
with the Bank of Spain taking control over the running of Cajasur
over the weekend.
Cajasur had run losses of nearly 600 million euros in 2009, and
its planned merger with Unicaja failed.
The International Monetary Fund (IMF) on Monday described Spain's
banking sector as being "sound" but as remaining under pressure, with
the risks focused mainly on savings banks.
Financial analysts had watched the effect of the Cajasur case on
the Madrid stock exchange, but its main Ibex-35 index only went down
by 1.27 per cent on Monday.


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