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Barclay's CEO meets with Zapatero

Mon 30th May 2011

Barclays PLC is reportedly contemplating a bid for one of Spain's struggling cajas in a multi-billion pound bailout.

According to the Sunday Times, Barclay's CEO, Bob Diamond, has met with the Spanish PM to discuss the possibility of the bank receiving guarantees from the government in the event of any agreement.

The country's Cajas, have been a source of problems for the government following the collapse of the property market. The Spanish government has already forced demands for a restructuring program that has already seen their numbers fall from 45 to 17 and has ordered them to raise 20 billion euros to refinance themselves.

The newspaper reports that the talks were not about any specific deal, but could allow the bank to identify potential opportunities available within the country.

Barclays already has a considerable presence in Spain, but has recently been urged by City analysts either to increase the size of the business or else leave the country altogether.

The aquisition of a Caja would give the bank the opportunity to expand, but it is said to want government assurances it will not be liable for any potential losses from the existing loan portfolios of the regional banks.

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