Spain’s Weakened Banks Shackle Builders’ Drive for Growth Abroad
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Spanish builders find themselves increasingly dependent on foreign banks as they seek growth abroad to weather the worst property slump on record.
“We are having more difficulties with access to credit,” said Susana Monje, chief executive officer of Grupo Essentium, a construction firm based near Madrid that turned to Germany’s Deutsche Bank AG for backing to win a contract in India this year. “There’s a label for Spanish companies and if you have that label, then you have it more difficult.”