While many of Europe’s leading retail-oriented banks have been able to exploit what amounts to an almost captive new market on their doorstep, others in Europe have not been presented with such obvious expansion opportunities.
Spain’s fourth-largest bank, Caja Madrid, is an example, having found itself up against the buffers as far as continued expansion in its core territory is concerned. Caja Madrid already has close to 2,000 branches in Spain and in 2004 increased its operating profit by 18%.
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