What is the government aiming to achieve with the new legislation on the cajas? Spain’s cajas have been around for nearly 170 years but it wasn’t until 1977 that they were allowed to compete on an even footing with commercial banks. In the past 25 years they have been steadily gaining market share, while at the same time their presence in the market has prevented the country’s financial system from becoming a monopoly under the two big banks, SCH and BBVA, that dominate the financial services market.
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