Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain's savings banks held talks with hedge funds

Source: Reuters - Fri 25th Mar 2011

Spain's struggling saving's banks, or cajas, have held talks with major hedge funds and private equity groups to try to raise 15 billion euros in fresh capital to avoid a bail-out, the Financial Times said on Friday.

U.S. hedge fund Paulson & Co and buy-out groups Cerberus and Apax Partners have held meetings with several cajas to discuss possible investments, the paper said.

The talks by Bankia, Banca Civica and smaller rivals stalled because of the low valuations offered by foreign investors, the FT said, citing unnamed bankers and investors.

Spain's savings banks lent indiscriminately to property developers during a decade-long housing boom that fizzled out three years ago.

Ratings agency Moody's downgraded 30 Spanish banks on Thursday, citing a combination of pressure on the country's sovereign debt and declining market share of smaller banks as the financial sector consolidates.

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs