Four Spanish banks to merge
New firm will serve four million customers
Four Spanish savings banks are set to merge ahead of a 30th June
deadline to tap a government rescue fund.
Caja Murcia, Caixa Penedes, Caja Granada and Sa Nostra will form
a new lender with 73 billion euros (£61 billion) in assets, 1,703
branches and four million customers.
The new group will be led by Caja Murcia, which will have five
seats on the firm's board, with four for Caixa Penedes, three for
Caja Granada and two for Sa Nostra.
There have been a series of mergers in Spain's banking industry
recently, as smaller firms come together to access the Fund for
Orderly Bank Reconstruction before it expires at the end of the
The fund, which is made up from public money and a combination
of other rescue initiatives, was set up following the banking
crisis to help smaller unlisted firms merge with stronger
Meanwhile, regional financial institution Caixa Girona has
agreed to merge with Spain's largest savings bank, La Caixa.