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21 May 2010
Garrigues handed €4.2bn caja merger
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Garrigues has closed a merger agreement between a trio of Spanish regional savings banks in a deal worth €4.2bn.
The merger pact, the biggest deal yet seen between savings banks in Spain, involves Caixa Catalunya, Caixa Tarragona and Caixa Manresa. The new unit, operating under the Caixa Catalunya brand from July, has a combined value of €4.2bn.
There is expected to be wide-spread consolidation amongst the swathes of savings banks (known as cajas) in Spain. This week, for example, also saw the closure of the €1.1bn merger between Caixa Sabadell, Caixa Terrassa and Caixa Manlleu, which Garrigues also worked on. The consolidation is a result of financial pressure from the economic troubles in the country.
“This merger could be considered as a perfect model for others to follow as it represents the first merger of savings banks in Spain under the Spanish 2009 rescue package for financial institutions,” said Ramon Girbau, the Garrigues partner who led the M&A team.
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