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Four of Spain's troubled 'Caja' savings banks have released a statement that they are to merge in what has been called a 'cold fusion'.
Caja Granada, Caja Murcia, Caixa Penedés and Sa Nostra, have announced that together they will become Spain's sixth largest financial group by business volume, and fourth largest by number of branches.
The amount paid from the FROB emergency fund to support the merger has not been revealed, but the boards of the banks concerned have all now approved the merger plans. It means a SIP, Institutional Protection System, holding will be created with its centre established as a bank with headquarters in Madrid and presided by the Chairman of the Caja Murcia, Carlos Egea.
The new body will comprise of the following – Caja Murcia 39%, Caixa Penedès 27%, Caja Granada 19.5%, and Sa Nostra 14.5%.
