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Caixabank applies for FROB aid to buy Banca Civica

Source: Cinco Dias - Wed 21st Mar 2012
Caixabank applies for FROB aid to buy Banca Civica

The financial aid provided by the Bank of Spain, whereby Unicaja absorbed Caja Duero utilising the FROB fund, has set a precedent in Spanish Banking.

The Theory behind the FROB - Fund for Orderly Bank Restructuring - is to enable the purchase or merger of bank not controlled by the state as the takeovers with the CAM and Unnim Banks - by means of a subsidy.

However, Cinco Dias reports that CaixaBank may also be looking at using the scheme to takeover Banca Civica.

La Caixa ihas approached the Bank of Spain for 800 million of aid from FROB which, together with the aid already provided for the Unicaja takeover, would amount to 1'781 million in aid.

The Bank of Spain is still considering whether to approve to application for FROB aid for the Banca Civica takeover.

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