Spain to create first large saving bank - Telegraph: "Under the terms of the expected deal, Caixa Barcelona will transfer all its banking business to Criteria, a listed Spanish holding company it owns a majority stake in, creating a new bank with a market capitalisation of €32bn (£28bn).
The deal would be the first since Spain last week said that 40 of its 45 regional savings banks would be forced to merge or form operating alliances in a bid to strengthen the indebted sector.
Merging the banks to create stronger financial institutions is intended to show the markets that Spain has got a grip on its troubled banking industry.
Arturo De Frias Marques, a banks analyst at Evolution Securities, said the Caixa Barcelona deal marked the 'historic transformation of cajas into banks'.
Mr De Frias Marques expects the new bank to raise about €3bn to strengthen its finances following the merger."
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