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Spain Banks : Santander and BBVA show interest in CAM

Fri 1st Apr 2011

The Spanish daily newspaper, El Economista, has reported how the Bank of Spain has decided to launch measures to avoid any public intervention in the troubled CAM savings bank.

Estimates indicate that the CAM bank requires around 2.0 billion euros, and any public aid recieved would effectively mean it's nationalisation. The newspaper reported how the central bank is planning to auction the Caja to the larger Spanish banks, where Santander and BBVA banks are expected to both show an interest.

The central bank is also believed to have contacted La Caixa, Banco Sabadell and Banco Popular.

Earlier this week the Cajastur, Caja de Extremadura and Caja de Cantabria regional savings banks rejected the proposal to merge with the CAM to create a new group, Banco Base, which would have been the third-largest savings bank in terms of assets, if it had gone ahead.

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