Caixa Penedès joins ‘cold merger’ with Sa Nostra, Caja Murcia and Caja Granada
The new savings bank group will be called Mare Nostrum and it will be the 4th in Spain. The 4 savings banks will keep their brand and sum up more than 4 million clients.
Vilafranca del Penedés (ACN).- Caixa Penedés\u2019 general assembly voted to participate in the \u2018cold merger\u2019 with 3 other savings banks from Spain: Sa Nostra, from the Balearic Islands, Caja Murcia and Caja Granada. The cold merger has been made within the framework of a system of institutional protection, SIP. It\u2019s the same mechanism used by Caixa Laietana and Caja Madrid to merge with 5 other savings banks. The new group will be called Mare Nostrum, as they have the objective to cover the entire Mediterranean Arc as executive director of Caixa Penedès Ricard Pagès stated.
Mare Nostrum will have more than 4 million clients and 1,703 branches. The 4 constituent savings banks will keep their identity, juridical personality and brand, but the central part of the group will control strategic decisions. Each of the 4 savings banks will have a natural zone of business. Caixa Penedès will have Catalonia and Aragon, Sa Nostra will cover the Balearic and Canary Islands, Caja Murcia with have Albacete, the Murcia Region and the Valencian Community, and Caja Granada will cover Andalucia, Ceuta and Melilla.
Mare Nostrum will be the 4th savings bank group in Spain with 3,855 million euros of Core Capital and the 6th regarding assets, with 73,055 million euros. The share distribution will be as follows; 39% for Caja Murcia, 27% for Caixa Penedès, 19.5% for Caja Granada and 14.5% for Sa Nostra.