SA News • Mon, Sep. 1
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Mon, Sep. 1, 2:11 AM
- Caixabank (OTCPK:CAIXY) has announced that it will buy Barclays’ (NYSE:BCS) Spanish operations, including its retail bank, wealth management business and commercial banking business for €800M ($1.1B).
- The deal will cement Caixabank’s position as the largest retail bank in Spain by adding 250 branches and 550K new clients, along with assets worth €21.6B.
- The acquisition will not include Barclays' Spanish credit card and investment banking arms.
Tue, Jul. 22, 10:28 AM
- BBVA (BBVA +1.6%) says its purchase last night of bailed-out Spanish lender Catalunya Banc will bring in an additional €63B in assets and add an average of €300M ($405M) to its net profit as of 2018.
- BBVA was the surprise winner of the auction to buy nationalized bank, beating rivals Santander (NYSE:SAN) and Caixabank (OTCPK:CAIXY) with a €1.2B ($1.62B) offer.
- BBVA's expansion makes it the largest largest player in Spain's Catalonia region, pitting it against Caixabank, Spain's largest domestic bank by loans and deposits and the dominant player in the northern region.
May. 17, 2013, 9:35 PMOf the €208.2B in non-performing loans Spanish banks have refinanced (in order to avoid recognizing them as NPLs), nearly half are treated as though they are not distressed, dubiously eliminating the need to take provisions against them, FT says. These banks have until September to reclassify restructured loans under tougher guidelines, a mandate that will likely necessitate fresh provisioning at some institutions. Between them, Santander (SAN), BBVA, and Caixabank (CAIXY.PK) had €76B in refinanced debt on their books at the end of last year. | 19 Comments
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