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Ibercaja tipped to take control of Unnim

Tue 21st Feb 2012
Ibercaja tipped to take control of Unnim

Spanish daily newspaper, ABC, has reported how Ibercaja has made the most attractive bid to date for Unnim, a small bank taken over last year by the Bank of Spain.

Banks much larger than Medium sized Ibercaja, such as BBVA, Santander and Banco Popular, were also believed to have submitted less attractive bids.

However, mid-sized Bankia withdrew their initial offer from the running after deciding that the Catalan Bank did not complement their business model.

Unnim, which was formed by the merger of the Catalan saving banks Caixa Manlleu, Sabadell and Terrassa, recently posted losses of 107 Million euros for the first 9 months of 2011.

The Bank of Spain, who received 'interest' from up to 20 different parties, is expected to announce the name of Bank who has submitted the winning tender to assume control of the savings bank before the end of the month.

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