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Bank of Spain's Roldan : "Cajas to turn into Banks"

Source: Reuters - Mon 20th Jun 2011

All of Spain's cajas, or savings banks, are to be transformed into banks, and there is likely to be consolidation in the sector, the Bank of Spain's head of financial regulation told a conference on Friday.

"The cajas will become owners of a commercial bank and will have external shareholders," Jose Maria Roldan said, adding that the consolidation would likely take place at the commercial banking level.

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