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Spain's third largest Bank, CaixaBank, announced earlier today that it will buy Banco de la Pequena y Mediana Empresa SA, - also known as Bankpime.
Bankpime is the second largest Catalan bank in terms of size, and was founded in Barcelona on May 22nd 1978 specifically to cater for the needs of small and medium-sized businesses in the locality. Since then, it has grown to provided specialist banking services for individuals, as well as offering a number of other banking services.
The bank is currently part of the Barcelona Stock Exchange, and holds 506 Million Euros in assets in 19 Branches throughout the region.
Bankpime was one of 12 Spanish lenders that were told by the Bank of Spain earlier this year to boost its capital ratios.
Caixabank, who have over 5,000 branches across Spain, will acquire the regional lender for just 16 Million Euros.
