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Cajas Chief Rules Out Fresh Wave of Mergers, Expansion Reports

Dec. 2 (Bloomberg) -- Jose Antonio Olavarrieta, general director of the Spanish savings banks association known as CECA, ruled out a fresh wave of mergers between the lenders, Expansion reported.

While the “greater part” of mergers between the lenders has now been carried out, it is possible that the number of the cajas, as the banks are known, could reach 14 from the 17 foreseen at the moment, Expansion said, citing comments he made yesterday at a meeting with business people. There were 45 cajas before the restructuring process began, Expansion said, citing Olavarrieta.

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