SPAIN’S BANKS LOOK as if they may be embarking on a final phase of consolidation. One deal has been done this year, there’s another on the way, and the list of potential buyers is as long as the Paseo de la Castellana snaking through the centre of Madrid. There’s just one problem, Madrid’s deadpan investment bankers assert: nobody wants to sell.
Of course, nothing supports the price of a potential acquisition like the sense that it’s the last on the shelf.
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