Spain's Cajamadrid in merger talks
31 May 2010 @ 09:12
Spanish savings bank Cajamadrid said Friday it is in talks with five other such institutions to merge some of their operations.
The announcement reflects ongoing consolidation in an industry that is heavily exposed to the Spain's now-collapsed real estate sector.
Cajamadrid is Spain's second-largest savings bank and its fourth largest financial group. In a filing with stock market regulators, the bank said it is in talks with smaller savings banks Caixa Laietana, Caja Avila, Caja Segovia, Caja Insular de Canarias and Caja La Rioja.
Cajamadrid said the six are negotiating an arrangement under which they would pool assets to provide each other with liquidity but retain their distinctive brand names.
Source: Businessweek
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