Banca Civica Co-Chairman Says Bank Is Talking to Merger Partners

Banca Civica SA (BCIV) Co-Chairman Antonio Pulido said the Spanish bank is talking to potential merger partners as the government promotes consolidation.

Civica is holding conversations with other banks just as others are, Pulido said today in a news conference in Madrid.

Civica, a lender formed from the merger of four savings banks that last year raised 600 million euros ($807 million) in an initial public offering, has to make provisions of about 575 million euros because of a government order for banks to recognize more losses on real estate. The bank said previously that its has “different alternatives” to cover the requirements, and Pulido said today the company will be able to do so while remaining independent if it wants.

The lender said today net income fell 6.5 percent to 183.5 million euros in 2011 from a year earlier.

To contact the reporter on this story: Charles Penty in Madrid at

To contact the editor responsible for this story: Frank Connelly at

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