Spain sizzles on caja IPOs, stake sell-downs

04 Feb 2011

Banco Financiero y de Ahorros (BFA), the Spanish savings bank SIP that includes Caja Madrid, Bancaja and five others, is planning an IPO in 2011, the group’s chairman said on Monday. The move follows reports and announcements from Caixa Barcelona, Banco Base and Banca Civica that they too plan stock market listings.

The restructurings will lead to more deals than just the IPO business: the caja sector is awash with cross-shareholdings that could be unwound through block sales.

"Everyone has been focused on the cajas for the last two to three years and we’ve been disappointed," said one ECM syndicate banker. ...

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