Caja alliance collapses as recap plans due

31 Mar 2011

The Bank of Spain demanded that four cajas explain how they would meet new capital requirements after the group’s planned alliance fell apart this week.

The collapse of an alliance agreement between Caja Mediterráneo, Cajastur, Caja Cantabria and Caja Extremadura, dubbed Banco Base, came two days after the Bank of Spain’s deadline for institutions to submit recapitalisation plans had passed.

The general assemblies of three of the cajas ruled against the planned alliance ...

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