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Spain's bank La Caixa in talks to buy home peer Caixa Girona.

MANews-(C)2009-2010

Spanish savings bank La Caixa is negotiating the acquisition of home peer Caixa Girona, the two banks said on Friday.

The deal is pending clearance from the banks' boards, they said, with the board of Caixa Girona to meet on Monday over the deal.

Caixa Girona, with assets of EUR7.8bn (USD9.63bn) at the end of 2009, had previously discussed a potential merger with a group of peers including Caixa Catalunya, Caixa Tarragona and Caixa Manresa, and after failing to reach an agreement, it held merger talks with the group comprising Caixa Manlleu, Caixa Sabadell and Caixa Terrassa, again without success, Spanish daily Cinco Dias said.

The deal has support from Spain's central bank and the local government in the Catalunya region, the paper said.

Country: Spain;

Sector: Banking/Financial Services

Target: Caixa Girona

Buyer: La Caixa

Type: Corporate acquisition

Status: Talks

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Publication:M & A Navigator
Geographic Code:4EUSP
Date:May 28, 2010
Words:146
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