Three more Spanish banks announce alliance | The Daily Star
12:00 AM, June 23, 2010 / LAST MODIFIED: 12:00 AM, June 23, 2010

Three more Spanish banks announce alliance

Three more Spanish savings banks announced plans yesterday to form an alliance to weather the country's uncertain economic outlook sparked by the collapse of a property boom.
The three -- the Monte de Piedad y Caja General de Ahorros de Badajoz, the Caja de Ahorros y Monte de Piedad del Circulo Catolico de Obreros de Burgos and the Caja de Ahorros de la Inmaculada de Aragon -- are to join forces under a so-called "cold fusion" or "virtual" merger.
Under the set-up, the banks will keep their own brands, balance sheets and employees but a single management will monitor solvency and liquidity centrally.
It is the latest in a series of mergers and cooperation agreements promoted by Spain's central bank to restructure the country's financial sector.

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