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Spanish savings banks in 2nd restructuring

Spanish savings banks in 2nd restructuring

A second group of Spanish savings banks says it has begun work to merge operations and establish a new bank following pressure from the government for the troubled sector to raise more capital and reveal its exposure to bad debt with greater transparency.
Unnim, a Catalan-based group formed by Caixa Manlleu, Caixa Sabadell and Caixa Terrassa _ all savings banks or "cajas" _ said in a statement late Friday its board has agreed to begin the process of creating a listed bank.
The statement echoes a decision taken Thursday by La Caixa, the leading Catalan savings bank.
Spanish cajas have been required to raise more capital through listings or by attracting new investors after becoming exposed to bad debt when the country's real estate sector deflated.


Updated : 2021-04-23 21:45 GMT+08:00