Editor’s note: This article was first published in June 2010 as same-day news; the merger described, the group’s ranking (fourth by branches, sixth by business volume) and the promise of no job cuts were statements made at that time.
Today, 7 June 2010, Caja Granada, Caja Murcia, Caixa Penedès and Sa Nostra have merged.
The chairmen of these savings banks met in Madrid, where they signed the integration protocol and carried out a so-called “cold merger“.
The aim of this merger is to place the new financial group fourth among savings banks by number of branches and sixth by business volume.
Under the merger agreement, each institution will keep its independence, its brand, its regional ties and its own governing bodies. They say there will be no layoffs.
More news of savings bank restructuring in Spain can’t be ruled out.
It’s an example of how four companies that aren’t significant on their own within a country can, by joining forces in a merger, gain the strength to become a group of real importance.
Further reading
Featured image: Zarateman, CC0 1.0, via Wikimedia Commons.
