Caixa Catalunya leads three-way merger of Catalan savings banks

Three Catalan saving banks have merged into a single lender that will close up to 395 branches around Spain. The result of the merger is still without a name.

CNA / Laura Pous

July 7, 2010 12:31 AM

Barcelona (CNA).-Caixa Catalunya, Caixa Tarragona and Caixa Manresa are now one savings bank. The merger between the three lenders will provoke the closure of 395 offices, most of them in Catalonia. The director of the new lender, Adolf Todó, said this Tuesday that the new savings bank will benefit from a rescue fund of 1,250 million euros from the Spanish Government. Todó argued that public money will be used as 'vitamins' for the new organisation, especially considering the economical situation.

Todó explained that together, the three banks are “grown-ups”, so they do not have to worry about failing. The new lender, which still has no name, will practice a strategy of “proximity” with its clients, said Todó. The former director of Caixa Catalunya and a member of the negotiation team, Narcís Serra, pointed out this Monday that the new name of the lender will be made public in the near future.
The new savings bank has shares in some industrial and financial enterprises. The new director has admitted that the bank does not need to 'make money' urgently, so it will sell its assets in Repsol, Gas Natural, Abertis, Cendisa Concesionaria and Applus in the appropriate time.
Todó confirmed that 262 offices in Catalonia will have to close due to the merger. Tarragona will close 52 branches, Lleida 17, Girona 8 and Barcelona 185.