La Caixa chairman Spain's new savings' bank chief

The chairman of Spain's third largest bank was named head of the country's savings banks on Tuesday as many seek partners to cut costs and weather soaring bad debts after the collapse of a decade-long housing boom.

Earlier in the day, Spanish Economy Minister Elena Salgado said she expected the country's savings banks to complete restructuring by the summer.

The Spanish Confederation of Savings Banks said its new president would be Isidro Faine, who is chairman of La Caixa, which is Spain's largest unlisted savings bank.

La Caixa's holding company Criteria is a key shareholder in Gas Natural and oil firm Repsol .

Faine replaces Juan Ramon Quintas, who stepped down on March 17.