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Spanish regional banks to merge some operations

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"Three Spanish regional savings banks, led by Caja de Ahorros de Mediterraneo (CAHM.MC) said on Monday they have reached a preliminary agreement to merge some of their operations. The agreement, which also includes Cajastur, Caja de Extremadura and Caja Cantabria, would aim to create a joint banking group that seeks to "strengthen solvency and assets of the participating banks," the banks said in a statement. The move came as pressure piled on Spain's unlisted regional savings banks to speed up consolidation after the Bank of Spain took control on Saturday of savings bank Cajasur after it failed to merge with peer Unicaja."
SOURCE:   Reuters

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