4 More Spanish Savings Banks Reported To Be “Merging” As Spanish Economy Unravels

Wednesday, May 26, 2010
By Paul Martin

by Tyler Durden
ZeroHedge.com

And just when the bulls were hoping for a bounce, expansion.com reports that four new Spanish savings banks are considering a “cold fusion” which is another name for future bailout of one instead of four. The four banks are CajaMurcia, CajaGranada, Sa Nostra, Caixa Penedes and their combined assets amount to over €100 billion. As we expected, this weekend’s bailout of Cajasur was Spain’s equivalent to the New Century Financial blow up tipping out. Look for the unwind to accelerate now.

From expansion.com

CajaMurcia, CajaGranada, Sa Nostra, Caixa Penedes studying cold fusion

The four boxes alienated from the discussions with Caja Cantabria, Extremadura Caja Cajastur and now pose a cold junction. Those who were potential parteners of which now form the SIP by the CAM study the establishment of an Integrated System of Protection.

The union of these four entities could become the fourth or fifth volume of business entity, with over 100,000 million euros, or the sixth or seventh volume of active entity, with about 80,000 million.

It is still early to say an alliance between these four boxes unmarried, and some of them as Caja Granada prefer to remained silent. Only states, told Europa Press that talks with other entities in order to achieve “the best possible strategic alliance.”

It has also targeted the “limitations and conditions as the Granada box keeps tackling talks with other boxes, such as” maintaining the brand, the absolute loyalty to the land and respect for staff. ”

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