Several Spanish banks, including state-owned Bankia, have shown interest in a potential merger with Banco Popular, as its new management considers options for how to cope with billions of euros in toxic assets.
Popular’s new chairman Emilio Saracho, brought in in February, has said he would consider a merger as the solution to the bank’s 37 billion euros (USD 41 billion) of non-performing real estate assets, the highest among Spanish banks.
Spanish banks have already undergone huge consolidation since the country’s financial crisis, with just 14 left from 55 in 2008, but Popular remains the weak spot since it has been unable to sell off its assets fast enough.
Popular, Spain’s sixth largest bank, said on Tuesday that all groups had to declare preliminary interest in a merger by Tuesday evening. Any such declarations were not binding but were needed for it to analyze its options, it said in a statement.
Full Content: Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FTC Urged to Enforce Rarely Used Antitrust Law Against Retail Giants
Mar 28, 2024 by
CPI
UK’s Fingleton Bolsters Team with New Additions
Mar 28, 2024 by
CPI
Britain’s Competition Regulator Clears Aviva’s Acquisition of AIG Life UK
Mar 28, 2024 by
CPI
White House Implements New AI Safeguards to Protect Rights and Safety
Mar 28, 2024 by
CPI
Denver Court Sets August Date for Kroger-Albertsons Merger Showdown
Mar 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Real Estate & Antitrust
Mar 27, 2024 by
CPI
Systematic National Evidence of Steering by Real Estate Agents
Mar 27, 2024 by
CPI
Compliance Now! Actionable Antitrust Advice for the Residential Real Estate Industry
Mar 27, 2024 by
CPI
Real Estate Commissions: Some Insights from the Economics of Multi-Sided Platforms
Mar 27, 2024 by
CPI
New Ideas for Promoting Real Estate Brokerage Price Competition
Mar 27, 2024 by
CPI