Spanish savings banks looking to mergers and acquisitions
A number of Spain's biggest savings banks are looking into potential mergers.
Some of the biggest banks in Spain are looking into possible
merger deals as they attempt to emerge from the ongoing economic
Following on from the news that a number of smaller savings
banks have had to be rescued by the Spanish central bank, it has
emerged that around a dozen have now started negotiations over
Among the biggest to set off down this path are Barcelona-based
La Caixa and Caja Madrid, with the pair having embarked upon
separate mergers with some of their smaller counterparts dotted
around the country, the Wall Street Journal has reported.
Speaking to the newspaper, Citigroup economist Giada Giani
explained of the economic climate in Spain: "This points to a phase
of mergers likely to occur at an increasing pace in coming
News of the upturn in potential mergers and acquisitions across
Spain comes as the European Central Bank has warned that banks in
the Eurozone may have to write off bad loans totalling some €195
billion over the next couple of years.