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Further Spanish Caja mergers

Wed 28th Jul 2010

The Caja Mediterráneo, Cajastur, Caja Extremadura, and Caja Cantabria have signed a merger to create what will be Spain's fifth largest financial institution and the third largest Caja, behind Caja Madrid and La Caixa.

This new Caja is expected to hold assets to the value of 135 billion € and will receive 1.493 € funding from the FROB funding scheme.

According to the protocol approved by the Bank of Spain onJune 29, the President of Cajastur, Manuel Menéndez, will hold the Chairmanship of the group for a six year period, which can be extended for another six years if there is no other agreement among board members.

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