Cajas and shares

Spain’s savings banks have decided to dip their toes in the uncharted waters of the market by issuing shares, a move that could eventually hasten the privatization of the 48 cajas de ahorros that account for half the country’s financial system.

Caixa Galicia, one of the top five savings banks, has taken the first timid step by approving the issuance of up to Pta25 billion ($142 million) in non-voting shares that will be available to bank customers and employees.