Caja Madrid and Bancaja have entered into
merger talks that could create Spain’s biggest savings bank as
consolidation in the sector speeds up ahead of a 30 June government
deadline.
The banks are also in discussions to merge
operations with five smaller savings banks: Caja Insular de
Canarias, Caixa Laietana, Caja Segovia, Caja Rioja and Caja Avila,
creating a merged entity with €340bn ($411.8bn) in total
assets.
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According to a statement from the banks, if
the agreement is approved, the new entity will form the “first”
savings bank in the country, strengthen
solvency ratios and liquidity levels, boost efficiency and improve
service to its customer base.
The chief executive of the combined firm will
be named from Caja Madrid, and the executive vice president from
Bancaja.
The talks follow hard on the heels of a
four-way merger in May and pressure from the
Spanish government and Bank of Spain to merge and consolidate.
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