seems that the engines start to roar in the panorama of English savings banks. If some Catalan opened the tin box not long ago, and then followed the Castilian-Leonese, is now going to go a step further, because it seems that two boxes of different autonomous communities want to integrate their activities.
And we're talking about ... Caja Navarra (CAN) and Caja Canarias. As we say, this is something new, because until now all the agreements were between entities of the same community. Now with this announcement breaks the trend and maybe I can open the path to similar processes.
Without going any further, in Galicia until not long ago there was talk of possible interest Caja Madrid to merge with Caixa Galicia. It seems that at this time the shots were not going down that road, and instead of what is discussed is the merger of the two boxes Galician: Caixanova and Caixa Galicia.
But back to the case of CAN and Caja Canarias we find that as announced in a statement integrate and manage business risk policies in common. This means that a credit management purposes two entities behave in the same way.
The agreement, as explained by its protagonists, seeks to strengthen the solvency and liquidity of the institutions and improve their competitiveness and operational efficiency. The statement explains that the group will be constructed on a central financial services company owned by two boxes full, but remain "legal personality and governing bodies of each box and commitment to their territories." From this we can conclude that what is sought is clearly looking for synergies and cost savings.
Therefore, it seems that opens the range of possible mergers or interregional integration. Keep in mind that when it comes to boxes, it should be noted that in many cases the political factor is decisive, since in many cmunidades the control exercised by the regional governments on them is very strong, and so this factor can be critical when it sets or not a negotiation.
Regards, Javi R.
gazelle circle
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