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Bank of Spain orders merger of CAM Bank to press on

Sat 17th Jul 2010

The Bank of Spain has instructed Spanish savings bank Caja de Ahorros del Mediterraneo to resolve its differences with competitor, Cajastur and finalise a merger between the two, news agency Efe reported late Friday.

The Bank of Spain gave the message to the bank, known commonly as CAM,, during a meeting yesterday, Efe said, citing financial sources.

Spanish savings banks are currently undergoing a series of mergers after many of them became heavily indebted as a building boom ended, triggering a prolonged downturn in the Spanish economy.

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