Liberbank, Ibercaja Banco and Banco Cajatres said their boards will meet today to decide on a three- way merger of the former savings banks as the restructuring of Spain’s financial system gathers pace.
The lenders announced the board meetings in separate filings to Spain’s market regulator today.
The country’s central bank has shepherded lenders into mergers to help them pool costs as they weather the impact of real estate slump that is causing loan defaults to rise and credit to shrink. The three banks have combined assets of almost 120 billion euros ($150 billion), according to data published by Spain’s savings bank association.
Liberbank is the product of a merger of three savings banks in Spain’s Asturias, Extremadura and Cantabria regions while Cajatres was formed from combining Caja Inmaculada, Caja Circulo de Burgos and Caja Badajoz.
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