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Euromoney’s 2012 FX survey results

Euromoney’s 2012 FX survey results

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June 1998

The donkeys gallop ahead


Once upon a time Spain's thoroughbred banks looked down on the cajas de ahorros. But these local savings institutions are no longer the slow beasts of burden they once were. They sell many of the same products as commercial banks; they're opening branches outside their traditional stamping grounds; some are even buying banks. But as Jules Stewart reports, they are protected from takeover themselves.


They account for half of the country's banking assets, they are a powerful political force and they are immune from takeover. Their invulnerability is perhaps the most remarkable aspect of Spain's 51 cajas de ahorros (savings banks), for while their ownership structure effectively insulates them from any hostile predator, the cajas can make acquisitions. Several have been actively expanding their empire by buying banks. ...


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