Bank of Spain races to revive a merger of savings banks

03/31/2011 | Reuters

The Bank of Spain called on bankers to come up with a financing plan that would merge four regional savings banks, or cajas, into an entity that would become Spain's third-largest savings bank. The deal fell apart when three of the partners voted against the restructuring, which has strong support from the government. They objected to bringing Caja Mediterraneo, hit hard by Spain's property crash, into the merger.

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