Caixa Catalunya Begins Merger Plan With Two Other Banks
14 October 2009 @ 12:57
MADRID (Dow Jones)--Spanish savings bank Caixa Catalunya (CXC.YY) has agreed to begin a merger process with its peers Caixa Manresa and Caixa Tarragona, Caixa Catalunya said Tuesday.
In a filing to the Spanish market regulator, Caixa Catalunya said the merger would need to be approved by the Bank of Spain.
The three Catalan savings banks in September said they were in advanced talks to merge.
The banks will ask for more than EUR1.5 billion from Spain's bank restructuring fund once they have merged, EFE reported Monday.
Savings banks in Spain aren't listed on the stock market.
Source: Wall Street Journal
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