Four Spanish banks reach merger deal Caja Mediterraneo Asturiana Cajastur, Caja Cantabria and Caja

The agreement must now be ratified when the four banks hold shareholder general assemblies in September.

Four Spanish banks reach merger deal Caja Mediterraneo Asturiana Cajastur, Caja Cantabria and Caja Extremadura

Four Spanish regional savings banks have reached a merger deal that will create Spain’s fifth-biggest lender, one of the four said in a statement on Tuesday.

Caja Mediterraneo (CAM) said it would join Asturiana Cajastur, Caja Cantabria and Caja Extremadura following the resolution of a dispute over a senior executive appointment.

The accord was reached on July 15 after the intervention of the Bank of Spain, according to media reports. The agreement must now be ratified when the four banks hold shareholder general assemblies in September.

The merged entity will have assets worth more than 135 billion euros ($176 billion). The four banks managed to pass recent stress tests to determine if they were sufficiently capitalised to absorb another financial shock.




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