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CAM Bank Sale Delayed

Thu 20th Oct 2011

The Bank of Spain's sale of the CAM Bank has been put on hold until after the general elections on November 20th.

The sale of the Alicante based region savings bank, or caja, whose full name is Caja de Ahorros del Mediterraneo (CAM) has been delayed at the bidder request, according to unnamed sources.

The delay comes just one week after the delay of the privatisation of Barajas and El Prat airports were announced last week.

According to Cinco Dias, Santander and BBVA have requested more time to consider the takeover, which may include negotiating a larger credit line than already offered by the Bank of Spain.

CAM currently hold 71 Million euros of assets and the Bank of Spain has already tried to incentivise the sale of the bank by offering a number of guarantees,such as offering to cover 80% of losses up to €2.5 billion and 90% of losses above that level. It is also offering a €2.8 billion line of credit.

Last week the UK's Barclays Bank were linked to a possible takeover of CAM, who were rumoured to be one of eight such Cajas that the Bank was considering in a move to extend operations in Spain.

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