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ibercajaMADRID: Spanish savings bank Ibercaja Banco will take over peer Banco Grupo Caja 3, formed by the fusion of three savings banks, the two lenders said on Thursday.

 

The acquisition will go ahead once Caja 3's restructuring plans are approved, the banks said.

 

Ibercaja needs to beef up its capital by 226 million euros ($293 million) to weather a serious downturn of the economy, according to an independent audit released in September, while Caja 3 had needs of 779 million euros.

 

An early plan to merge three entities - Ibercaja, Liberbank and Caja 3 - was called off after the audit revealed the potential group had a combined deficit gap of 2.1 billion euros.

 

Copyright Reuters, 2012


 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 15, 2014
Reserves $13.414 bln