Caja Murcia Leads Four-Way Merger of Spanish Savings Banks

Discussion in 'Wall St. News' started by ASusilovic, Jun 2, 2010.

  1. June 2 (Bloomberg) -- Caja Murcia will lead a four-way combination of Spanish savings banks in the latest merger ahead of a June 30 deadline to tap a government rescue fund.

    The merger between Caja Murcia, Caixa Penedes, Caja Granada and Sa Nostra will create a lender with 73 billion euros ($89 billion) in assets, four million customers and 1,703 branches, Caja Granada said in a statement sent by e-mail.

    The lenders will combine some central functions under a model approved by the Bank of Spain, Caja Granada said. The group will aim to tap the rescue fund, although the amount to be requested hasn’t been fixed yet, it said.

    Caja Murcia will have five seats on the new group’s board, with four for Caixa Penedes, three for Caja Granada and two for Sa Nostra, as well as two independents, the lender said.

    Merger mania in Spain.... :cool: