Spanish banks merge to form biggest savings bank
Caja Madrid and Bancaja approved their merger Thursday, which will lead to the creation of the largest savings bank in Spain. Both boards have agreed to implement an Institutional System of Protection (SIP), also known as a “cold merger,” led by the Madrid-based caja.
The resulting group will overtake La Caixa, the current leader in this sector. Both cajas will have a volume of combined assets worth 339 billion Euros (about 407 billion U.S. dollars) –60 billion Euros more than the Catalan savings bank. The new institution will become the most important in the country, even surpassing the combined assets of Banco Santander and Banesto, currently valued at 240 billion Euros.
Last May, Caja Madrid announced its merger with Caja vila, Caja Segovia, Caja Rioja, Caixa Laietana and Caja Insular de Ahorros de Canarias. In order to consolidate the merger process, Christian Louboutin the SIP will request 4 billion Euros in aid to FROB.
According to the initial terms of the agreement, the current chairman of Caja Madrid, Rodrigo Rato, will hold the same post in the new “caja.” His counterpart in Bancaja, Jose Luis Olivas, will become vice-chairman whilst continuing to chair the Bank of Valencia at the request of Valencia’s regional government. The operative headquarters will be located in Madrid.
This consolidates the restructuring of Spain’s savings banks, also known as “cajas,” initiated after the seizure of Cajasur by the Bank of Spain last May. The merger between Caja Madrid and Bancaja has been achieved in the nick of time, since Buy Sports jerseys wholesalefrom global wholesale sports jersey manufacturers, suppliers.the deadline for completing the restructuring process and for receiving we supply ugg boots,you can find cheap ugg boots,ugg boots online.aid from FROB ends on the June 15.
Sabadell in talks with Guipuzcoano
Mergers in the financial sector are also spreading to China oil paintings,Oil paintings,wholesale oil paintings,china oil paintings,cheap oil painting,landscape oil painting,original oil painting.mid-range banks. Banco Sabadell is in talks with Banco Guipuzcoano towards an absorbed merger by an exchange of shares, according to market sources.
The merger between the Catalan and the Basque bank will not be done through Christian Louboutin the FROB scheme but through a capital increase.
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